Victoria’s Secret price target raised to $23 from $20 at Morgan Stanley

Morgan Stanley analyst Alex Straton raised the firm’s price target on Victoria’s Secret to $23 from $20 and keeps an Equal Weight rating on the shares. The Q2 beat and fiscal year guidance raise were “mostly as expected” following the company’s pre-announcement and confirm Q2 upside was “lower-quality,” the analyst tells investors. The firm’s view is unchanged that FY24 guidance is “likely fair,” but its ongoing skepticism on the longer-term turnaround achievability remains, the analyst added.