L Brands, Inc. (NYSE:LB) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Wednesday.

According to Zacks, “L Brands have underperformed the industry in the past one year as it continues to face short-term challenges due to its decision to exit the swimwear category, which according to analysts have failed to generate desired results. The effect of the short-term challenges can easily be seen in the company’s sale performance which have declined year over year and also missed the Zacks Consensus Estimate in the past few quarters. The stock is unlikely to bounce back in the near term as investor sentiment was further hurt after the company trimmed fiscal 2017 guidance. Management now projects earnings in the band of $3.00-$3.20 per share for fiscal 2017, down from the previous guidance of $3.10-$3.40. Nevertheless, it has undertaken strategic initiatives to streamline Victoria’s Secret business and remains optimistic about its investment in China along with White Barn remodels at Bath & Body Works.”

Several other equities research analysts have also recently issued reports on LB. Buckingham Research reissued a “buy” rating on shares of L Brands in a research report on Wednesday, April 26th. Vetr cut shares of L Brands from a “buy” rating to a “hold” rating and set a $54.06 price objective for the company. in a research report on Monday, May 1st. Jefferies Group LLC set a $35.00 price objective on shares of L Brands and gave the company a “sell” rating in a research report on Thursday, May 4th. Oppenheimer Holdings, Inc. set a $62.00 price objective on shares of L Brands and gave the company a “buy” rating in a research report on Thursday, May 4th. Finally, Deutsche Bank AG lowered their price objective on shares of L Brands from $62.00 to $61.00 and set a “buy” rating for the company in a research report on Friday, May 5th. Seven investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and ten have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $49.80.

Shares of L Brands (LB) traded down 1.66% during mid-day trading on Wednesday, hitting $36.13. The stock had a trading volume of 3,088,411 shares. The stock’s 50-day moving average is $43.38 and its 200 day moving average is $49.39. L Brands has a 1-year low of $35.00 and a 1-year high of $78.13. The firm has a market capitalization of $10.36 billion, a price-to-earnings ratio of 10.60 and a beta of 0.62.

L Brands (NYSE:LB) last released its quarterly earnings data on Wednesday, August 16th. The specialty retailer reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.03. The company had revenue of $2.76 billion during the quarter, compared to analysts’ expectations of $2.75 billion. L Brands had a net margin of 8.04% and a negative return on equity of 103.04%. The firm’s quarterly revenue was down 4.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.70 EPS. Equities research analysts predict that L Brands will post $3.14 EPS for the current fiscal year.

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A number of hedge funds and other institutional investors have recently modified their holdings of LB. BlackRock Inc. raised its position in shares of L Brands by 3,863.4% in the first quarter. BlackRock Inc. now owns 19,000,928 shares of the specialty retailer’s stock worth $894,945,000 after buying an additional 18,521,518 shares during the last quarter. Wellington Management Group LLP raised its position in shares of L Brands by 86.8% in the first quarter. Wellington Management Group LLP now owns 14,514,565 shares of the specialty retailer’s stock worth $683,636,000 after buying an additional 6,745,624 shares during the last quarter. Primecap Management Co. CA raised its position in shares of L Brands by 16.1% in the first quarter. Primecap Management Co. CA now owns 18,797,936 shares of the specialty retailer’s stock worth $885,383,000 after buying an additional 2,600,605 shares during the last quarter. Renaissance Technologies LLC bought a new position in shares of L Brands during the first quarter worth about $101,243,000. Finally, Janus Henderson Group PLC raised its position in shares of L Brands by 4,925.7% in the second quarter. Janus Henderson Group PLC now owns 1,703,014 shares of the specialty retailer’s stock worth $91,776,000 after buying an additional 1,669,128 shares during the last quarter. Institutional investors and hedge funds own 75.20% of the company’s stock.

About L Brands

L Brands, Inc operates specialty retail business. The Company is focused on women’s intimate and other apparel, personal care, beauty and home fragrance categories. Its segments include Victoria’s Secret, Bath & Body Works, and Victoria’s Secret and Bath & Body Works International. It sells its merchandise through company-owned specialty retail stores in the United States, Canada, the United Kingdom and Greater China, which are mall-based; through Websites, and through international franchise, license and wholesale partners.

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