In a note released Friday morning, Wunderlich analyst Danielle McCoy initiated coverage of L Brands Inc LB at Buy with a $75 price target.
McCoy commented, "we believe the company is on the right path in terms of doubling revenues and expanding operating margins to the high-teens range."
McCoy's key reasons for the Buy rating include:
- "Dominant" specialty retailer in intimate apparel and beauty products
- The company estimate 39 net new store openings in fiscal 2015 and approximately five percent square footage growth.
- Estimates year-over-year growth of 59 percent in "under-penetrated" international markets
- Below peer EV/EBITDA multiple 9.4x vs. 13.8x average
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