3 weeks ago
Stock Market

Victoria's Secret Owner L Brands Suddenly Turning Heads Midday

Investing.com - The market is having second thoughts about Victoria's Secret owner L Brands, with the stock jumping a day

Investing.com - The market is having second thoughts about Victoria's Secret owner L Brands, with the stock jumping a day after it sold off on guidance concerns.

The company issued downside earnings guidance for its fiscal first quarter and fiscal 2020 when it reported earnings after the bell Wednesday. Investors piled out of the stock accordingly on Thursday.

But today there’s suddenly renewed optimism, with the stock wiping out all of the prior session’s losses and then some.

L Brands (NYSE:LB) rose 7.7%, midday, following its previous close of down 4.6%.

Barclays (LON:BARC) upgraded the stock this morning to overweight from equal weight, keeping its $31 price target.

Barclays said the company outlook for the current fiscal year is reasonable and liked the company’s strategy to build visibility and the risk-reward balance following the Thursday pullback, according to published reports.

The S&P 500 consumer discretionary index rose 0.6%.