L Brands stock price target cut to $32 from $37 at Instinet

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Victoria’s Secret parent L Brands reports February sales growth, sets new stock buyback program

Victoria’s Secret parent L Brands Inc. said Thursday that February sales rose 11.5% to $853.9 million from $765.5 million in the same period a year ago, while same-store sales grew 3% for the month. The FactSet same-store-sales consensus for the first fiscal quarter, ending in April, calls for a 2.4% rise. The stock was indicated down about 1.8% in premarket trade. Separately, the company said it had authorized a new $250 million stock-repurchase program, which includes $23.1 million remaining under a previous buyback program. At Wednesday’s stock closing price of $43.97, the new buyback program would allow the repurchase of up to 5.7 million shares, or about 2.0% of the shares outstanding. The stock has plunged 23.2% over the past three months, while the SPDR S&P Retail ETF has tacked on 1.4% and the S&P 500 has gained 2.8%.

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