Kahn Sent: Thursday, May 17, 2018 1:35 PM To: Jeffrey E. Subject: ML on L Brands.. L BRANDS: SELL. MARGIN PRESSURES TO CONTINUE. PO TO $29 = =NOTHER 15% DOWNSIDE. LB has more than halved since =orraine's initial downgrade late 2016 & she thinks there is =ore downside. Lowering F2018EPS by anothe