Victoria's Secret and Bath & Body Works parent company L Brands Inc (LB) - Get Report stock tumbled over 10% mid-morning Thursday after the company reduced its full-year guidance to between $3 and $3.20 per share from between $3.10 and $3.40 per share with earnings released Wednesday.

L Brands reported earnings of 48 cents per share that beat analyst expectations by three cents, but the negative outlook took center stage as Wells Fargo analyst Ike Boruchow slashed his price target for the retailer to $45 per share from $50.

Boruchow said investors should "stay sidelined" on a "continued lack of visibility" and poorly performing fundamentals, Barron's reported. In addition to guidance for both the third quarter and full year being cut, L Brands reported further pressure on international business.

A rebranding effort at Victoria's Secret has "simply not worked to this point," Boruchow wrote to clients, but L Brands continues to "assume nice improvement in fundamentals within the concept." Bath & Body Works performed well, but investors should remain skeptical given it's one of the last mall-based concepts to see its top line "slip into negative territory."

L Brands stock slid to $35.24 per share Thursday mid-morning, down almost 47% since the start of the year.

More of What's Trending on TheStreet: