BUZZ-Bath & Body Works dips after JPMorgan downgrades to 'neutral', cuts PT
Reuters
Oct 06
BUZZ-Bath & Body Works dips after JPMorgan downgrades to 'neutral', cuts PT
** Shares of beauty and skincare firm Bath & Body Works BBWI.N down ~2% at $25.45 premarket
** Brokerage JPMorgan cuts rating to "neutral" from "overweight" citing persistent weakness in categories such as body care and home fragrances
** Lowers PT to $26 from $46, says as per analysis, BBWI's slower-than-expected sales growth and mid-teens margins are about 1,500 basis points below its pre-pandemic performance of high single-digit growth and ~20% margins
** Eleven of 15 brokerages rate the stock "buy" or "higher" and four "hold"; their median PT is $38.50 - LSEG** Up to last close, stock fell nearly 33% YTD
(Reporting by Anuja Bharat Mistry in Bengaluru)
((AnujaBharat.Mistry@thomsonreuters.com))
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