L Brands Pulls Back Off Best Levels But Remains Notably Higher

(RTTNews) - Shares of L Brands Inc. (LB) have pulled back well off their best levels of the day but remain notably higher in late-day trading on Monday. After reaching a five-month intraday, L Brands is currently up by 1.4 percent.

L Brands initially showed a strong move to the upside after Wells Fargo upgraded its rating on the Victoria's Secret parent's stock to Outperform from Market Perform.

Wells Fargo suggest L Brands could be on the verge of a massive turnaround, noting the company "appears set to begin embracing change with an 'all options on the table' mentality."