Victoria's Secret (VSXY): Boss' Eye: "The Angels Have Landed"; Mgmt Access & Fieldwork; Raising #'s w/ $110 PT

We attended the VS Fashion Show in LA and share key takeaways from the event and our recent management access. This year's show benefited from a full twelve months of creative leadership under EVP Adam Selman (vs. six months last year), including the first-ever "Angels Among Us" talent search with 100,000+ applications, four live castings, and a docuseries whose first episode drew 5.5M views ahead of the live show; VSXY also launched "shop the show" landing pages, a dedicated Fashion Show tab, and pulled forward the Big Fall Sale into September to support full-price selling. A Melrose Ave pop-up opened in LA with Backstage merch and a limited-edition fragrance. Following leadership changes, VSXY is realizing top-line growth across VS and PINK, better full-price mix and fixed-cost leverage, driving operating margin expansion with long-term potential for LDD%+ margins. We raise estimates (FY26E/FY27E adj. EPS $4.77/$5.99) and maintain Overweight with a Dec-27 price target of $110, based