Wells Fargo Reweights Apparel Coverage, Raising Victoria’s Secret While Cutting Nike and Deckers
Wells Fargo shifted ratings across its U.S. apparel and retail coverage, upgrading Victoria’s Secret and lowering its outlooks on Nike and Deckers. The bank’s analysts, led by Ike Boruchow, point to rapid uptake of GLP-1 weight-loss medications as a key demand driver that is reshaping consumer spending patterns in favor of clothing categories such …