Why J.P. Morgan Just Got Even More Bullish About L Brands
As it continues to bounce back from its COVID-19 and pre-pandemic low fortunes, L Brands (NYSE: LB) received yet another upgrade from J.P. Morgan forecasting an even more dramatic upside. Previously, the bank's analysts tagged the company as having a likely 30% upside over current share prices. However, the new research note and overweight rating peg L Brands at a $50 price target -- a 50.9% jump from the $33.13 the stock brought at today's trading close.
J.P. Morgan focused on the company's gross margin figures and same-store sales projections for the third quarter. The bull case rests in part on the success of L Brands' Bath & Body Works brand, with the research note citing "high single-digit sustainable long-term growth" in this business sector, according to Seeking Alpha reporting.
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Source Fool.com
