Why Victoria's Secret Stock Jumped This Week
Week to date, shares of Victoria's Secret (NYSE: VSCO) were up 18% through Thursday's close, according to data provided by S&P Global Market Intelligence.
On Wednesday, the company announced a new share repurchase program of $250 million, consistent with its previous repurchase authorization. Management also updated its guidance for the fourth quarter, which bolstered confidence in the company's turnaround. Could this be the beginning of a rebound for the struggling retail brand?
Last week, UBS analyst Jay Sole downgraded Victoria's Secret to a sell rating, citing higher inflation, interest rates, and weak store traffic, which are pressuring sales and profits.
Source Fool.com
