BBWI - Bath & Body Works cut to Neutral as Piper dims expectations

2023-04-20 07:19:52 ET

Bath & Body Works ( NYSE: BBWI ) shares slid in Thursday’s premarket hours as Piper Sandler pared full-year estimates.

“We're downgrading shares of BBWI to Neutral today and lowering our price target from $48 to $37. In short, expectations for BBWI have been elevated since the company issued what seemed to be rather conservative guidance on the FQ4 call,” the analysts explained. “Now, about two months later, we see plenty of reason for results to fall in line with management's outlook, largely on the basis of persisting margin pressures.”

They added that while the valuation at present is undemanding, upside remains limited. Shares of Bath & Body Works ( BBWI ) slipped 2.7% before the bell.

Read more on the recent executive transition at the company .

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