Victoria's Secret Analysts Cut Their Forecasts After Q2 Results
Portfolio Pulse from Lisa Levin
Victoria's Secret & Co (NYSE:VSCO) reported a 6.2% Y/Y decline in Q2 revenue to $1.43 billion, missing the consensus of $1.44 billion. Adjusted EPS of $0.24 also fell short of the expected $0.26. The company anticipates a decrease in net sales and an adjusted EPS loss for Q3. Following the announcement, Wells Fargo, BMO Capital, and B of A Securities reduced their price targets on Victoria's Secret. Despite the downbeat results, the company's shares rose 7.5% to trade at $19.28 on Thursday.
August 31, 2023 | 4:11 pm
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NEGATIVE IMPACT
Victoria's Secret reported lower than expected Q2 results and anticipates a decrease in Q3 net sales. Analysts from Wells Fargo, BMO Capital, and B of A Securities have lowered their price targets on the company's stock.
The company's lower than expected Q2 results and anticipated decrease in Q3 net sales are likely to negatively impact investor sentiment and the stock's short-term performance. The lowered price targets by analysts further underscore the potential negative impact.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100