L Brands Inc. /zigman2/quotes/202062875/composite LB -1.38% was downgraded to hold from buy at Deutsche Bank with analysts citing high promotional levels at Victoria's Secret and an increased number of promotions at beauty retailer Bath & Body Works. Analysts also think the turnaround at Victoria's Secret will be slower through the end of 2019 and into 2020. Deutsche Bank took a closer look at promotions across retail noting that analysts saw fewer discounts year-over-year at Target Corp. /zigman2/quotes/207799045/composite TGT +0.28% , which is scheduled to report third-quarter earnings Nov. 20. However, Deutsche Bank is "incrementally negative" on Nordstrom Inc. /zigman2/quotes/203902116/composite JWN +0.40% and Express Inc. /zigman2/quotes/210459169/composite EXPR +9.80% , which had increased promotions, raising concerns about margin pressure and inventory levels during the holiday shopping season. L Brands stock is down 52% over the last 12 months while the S&P 500 index /zigman2/quotes/210599714/realtime SPX +0.91% is up 11% for the period.