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L Brands' stock dips after mixed quarterly results

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Shares of L Brands fell nearly 5 percent Thursday as investors digested mixed first-quarter results.

The company posted first-quarter earnings per share of 59 cents on revenue of $2.61 billion on Wednesday. Analysts polled by Reuters expected Victoria's Secret' parent company to report earnings per share of 55 cents on revenue of $2.62 billion.

L Brands also lowered its full-year earnings guidance as sales continue to be weak.

At least five Wall Street analyst firms lowered their price target on L Brands shares, including MKM Partners, which also downgraded the stock to "neutral" from "buy."

"While we continue to view LB as an emerging global powerhouse with abundant topline and margin growth opportunities LT, recently decelerating comps give us less conviction in fundamentals, with a change in the leadership in lingerie signaling that execution issues could continue," Roxanne Meyer, an analyst at MKM, said in a Thursday note to clients.

"This occurs at a time when couponing will be substantially pulled back, the impact of which remains an unknown," she said.

Over the past year, L Brands' stock has taken a beating, falling about 31 percent in the time period.

LB in past 12 months

Source: FactSet

— CNBC's Krystina Gustafson contributed to this report.