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BBWI - Bath & Body Works: Downgrading To Hold As I Monitor Industry Demand For 1H24
Bath & Body Works Inc Com
2024-03-23 11:02:15 ET
Summary
Bath & Body Works' strong 4Q23 performance led to a share price increase, but signs of weakening demand and disappointing FY24 guidance prompt a shift from a buy to a hold rating.
Sales grew by 0.8% and gross margin beat estimates, but international and e-commerce sales declined.
Concerns about meeting FY24 guidance, potential de-rating of stock valuation, and limited upside potential at 14x forward earnings contribute to the hold rating.