Victoria’s Secret upgraded to Equal Weight from Underweight at Barclays

Barclays analyst Adrienne Yih upgraded Victoria’s Secret to Equal Weight from Underweight with a price target of $25, up from $23. The firm sees a balanced risk versus reward for the shares given new leadership, “sufficiently low” second half of 2024 consensus expectations, and a return to the brand’s “core heritage and strengths in intimates.” The worst is behind Victoria’s Secret, and despite losing significant market share over the past several years, the company still maintains 20% of the U.S. intimates market, a position now defensible given new leadership and direction, the analyst tells investors in a research note.