Citi analyst Paul Lejuez downgraded L Brands to Sell from Neutral with a price target of $17, up from $15. After the company reported better than expected Q2 sales, the shares traded up 35% to $25.88, Lejuez tells investors in a research note. However, the analyst believes near term strength at Bath and Body Works is driven by pent up demand and is being “incorrectly extrapolated by the market into future periods.” COVID-19 does not improve Bath and Body’s long term earnings power, and a shift toward e-commerce is not good for margins, contends Lejuez. As such, the analyst believes L Brands’ risk/reward is skewed to the downside.