Victoria’s Secret price target lowered to $24 from $40 at Telsey Advisory

Telsey Advisory lowered the firm’s price target on Victoria’s Secret (VSCO) to $24 from $40 and keeps a Market Perform rating on the shares. The company’s headline results exceeded expectations by a wide margin, the analyst tells investors. While the strong finish to FY24 is encouraging, the company noted slowing trends in late-January into February, the firm adds. While the company has made strides in improving its product and messaging, work remains to be done to reposition the brand in a highly competitive, low growth category, the firm concludes.