UPDATE: Wunderlich Initiates Coverage On L Brands Inc

In a note released Friday morning, Wunderlich analyst Danielle McCoy initiated coverage of L Brands Inc (NYSE: LB) at Buy with a $75 price target.

McCoy commented, "we believe the company is on the right path in terms of doubling revenues and expanding operating margins to the high-teens range."

McCoy's key reasons for the Buy rating include:

• "Dominant" specialty retailer in intimate apparel and beauty products
• The company estimate 39 net new store openings in fiscal 2015 and approximately five percent square footage growth.
• Estimates year-over-year growth of 59 percent in "under-penetrated" international markets
• Below peer EV/EBITDA multiple 9.4x vs. 13.8x average