Barclays downgraded Bath & Body Works to Equal Weight from Overweight with a price target of $45, up from $37. The analyst cites concerns about the company’s sales growth for the downgrade. The firm’s 2024 specialty retail outlook reaffirms its view that a 2024 “retail megacycle has arrived.” Barclays spotlights wholesale with Nike (NKE) as its 2024 best idea, and highlights improving promotional checks suggesting holiday upside.
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