As it continues to bounce back from its COVID-19 and pre-pandemic low fortunes, L Brands (NYSE:LB) received yet another upgrade from J.P. Morgan forecasting an even more dramatic upside. Previously, the bank's analysts tagged the company as having a likely 30% upside over current share prices. However, the new research note and overweight rating peg L Brands at a $50 price target -- a 50.9% jump from the $33.13 the stock brought at today's trading close.

J.P. Morgan focused on the company's gross margin figures and same-store sales projections for the third quarter. The bull case rests in part on the success of L Brands' Bath & Body Works brand, with the research note citing "high single-digit sustainable long-term growth" in this business sector, according to Seeking Alpha reporting.

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Other factors in the rating and standout price target include the closure of Victoria's Secret stores in the U.S., hundreds of millions in cost savings, and rising gross margins "lapping seven straight quarters of decline," as stated in J.P. Morgan's research note.

L Brands' shares have jumped above their pre-pandemic price, with the highest point in 2020 being approximately $24 in February, as reported by Forbes. Some other analysts, including Forbes and writers from TheStreet.com, do not entirely agree with J.P. Morgan's sunny assessment, however. These observers feel that while L Brands has made a solid recovery both from the coronavirus trough and its long period of decline, it has reached the limits of its rise and will likely not go much higher in the short to medium term.