2/25/2010-Citigroup reiterated its Buy rating on Limited Brands (NYSE:LTD) with a $24.00 price target as the bank was impressed with Limited's Q4 results and believes the company's 2010 Guidance is conservative.
Analyst Kimberly Greenberger commented, "4Q results support our thesis for improving sales on better execution in core categories & GM expansion (4Q ~+650 bps) off of trough levels given IT system upgrades, focus on speed/agility and disciplined financial and inventory mgmt, driving cont'd upward EPS revisions. We see margin expansion opportunity to ~15% (vs. 10% in '09E). LTD's international oppty also compelling. We believe management has adopted a conservative outlook and believe 2010 guidance is conservative."
The bank expects the company to report 2010 EPS of $1.20.
