Why Victoria's Secret Stock Soared 20% Today
09-Aug-2021 21:14:55 | Yahoo Sports
Shares of lingerie retailer Victoria's Secret (NYSE: VSCO) closed 20.1% higher on Monday after J.P. Morgan initiated coverage of the company with an overweight rating and a $100 price target. Based on its 2023 estimates for earnings before interest, taxes, depreciation, and amortization (EBITDA), J.P. Morgan calculates that Victoria's Secret stock sells for a multiple below 3, StreetInsider.com said in a report on J.P. Morgan's note. J.P. Morgan also argues that Victoria's Secret is a stock to buy based on its potential to generate about $875 million in positive free cash flow (FCF) in the 2022-2023 time frame.
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