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BUZZ-Bath & Body Works down as Morgan Stanley downgrades, brokerages cut PTs

Reuters
11/21
BUZZ-Bath & Body Works down as <a href="https://laohu8.com/S/MTK">Morgan Stanley</a> downgrades, brokerages cut PTs

** Shares of Bath & Body Works BBWI.N drop 2% premarket to $15.34 after Morgan Stanley downgrades the beauty and skincare firm, other at least five other brokerages lower PTs

** MS cuts to "equal-weight" from "overweight"; J.P.Morgan, Barclays, Citigroup, Wellsfargo BofA among those that cut PTS on BBWI after disappointing forecasts on Thursday

** Stock to open at its lowest in more than five years if declines hold

** MS cites reduced out-year & steady-state growth as well as expresses concerns over profitability forecasts

** Q3 results, guidance, and new strategic plan reinforce concerns that BBWI's ability to deliver consistent low-single-digit growth and margin expansion is not just delayed, but may be structurally unattainable, the brokerage adds

** Out of 15 analysts, six rate the stock "strong buy" or "buy", ​nine rate it "hold"

** Up to last close stock has dropped by 59.2% YTD​

(Reporting by Anastasiia Kozlova)

((Anastasiia.Kozlova@thomsonreuters.com))

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