Victoria's Secret: Bull Case Is Playing Out Nicely

I upgraded to a buy rating for Victoria's Secret & Co. ( VSCO ) previously, as it has continued to take share in the core intimates business, PINK is working out nicely, and international initiativesI’m a fundamental, valuation-driven investor with a strong focus on identifying businesses that have the potential to scale over time and unlock massive terminal value. My investment approach centers around understanding the core economics of a business—its competitive moat, unit economics, reinvestment runway, ...