Victoria's Secret & Co (NYSE:VSCO) shares were among the top 10 mid-cap gainers last week.

The company continues to witness positive sales trends so far in the fourth quarter, which more or less matches October's exit rate of high-single-digits, according to JPMorgan.

Analyst Matthew Boss upgraded the rating for Victoria's Secret from Underweight to Neutral, while raising the price target from $29 to $45.

The Victoria's Secret Thesis: Management cited several factors supporting the quarter-to-date momentum, including a strong "base" business, the carrying forward of the effects of marketing undertaken earlier and a strong customer response during the Black Friday weekend, Boss said in the upgrade note.

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The fourth quarter represents "the first inflection point of promotions planned Flat to Slightly Down Y/Y," he added.

"Our math points to a +mid-single-digit comp growth opportunity throughout 1H25 (above Street +0.9%)," the analyst stated.

While Spring 2025 may not have events like Back to School and the Holiday season, management noted the product assortment "will continue to benefit from newness, including the amplification of Swim in Spring '25," he further wrote.

VSCO Price Action: Shares of Victoria's Secret declined by 1.62% to $47.24 at the time of publication on Monday.

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Photo: Courtesy Victoria's Secret