Still, analysts say the company’s turnaround efforts might be undervalued on the Street.
“While the [near-term] upside to numbers is good to see, the bigger story we learned about last week is that VSCO management continues to evolve the brand in the right directions ,” Ike Boruchow, senioranalyst at Wells Fargo, wrote in a note. “With its 21 percent market share and a much improved internal culture, the company has a vision on how to fight back on competition, drive international growth, improve the cost base and bring the brand back to its prior successes.
Cowen retained its “market perform” rating, with a $35 price target on shares, “as near-term uncertainties remain with weaker consumer demand and ongoing brand transformation,” Jonna Kim, financial analyst at the investment firm, added in a note. “However, we are incrementally more positive on the longer-term growth prospects. Key factors to monitor: brand traction in the U.S.
“Our take is that management’s financial targets — [approximately mid-single digit percentage] top-line growth and mid-teens operating margins — appear reasonable, underpinned by improvement in the intimates business — [roughly] 54 percent of the business — with a focus on innovation in bras and its loyalty program, international expansion and store updates,” Kim continued.
Victoria’s Secret revealed updates on its transformation last week during an investor day in Chicago. The company plans to leverage its brand equity and large
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