Wells Fargo upgraded Victoria's Secret to Overweight from Equal Weight with a price target of $57, up from $55. The firm's work shows GLP-1 adoption is behind a "mega-trend that can drive robust demand" in U.S. apparel for multiple years. Wells is bullish on the trajectory of Victoria's business under the new management team. The company is repositioning back towards "sexy" branding and has improved marketing campaigns, the analyst tells investors in a research note.
