Evercore ISI lowered the firm’s price target on Bath & Body Works to $30 from $40 and keeps an In Line rating on the shares. The “fact remains” that the leverage point for Bath & Body is still 3%-5% sales growth and the “powerful margin story has been a pillar of the bull thesis” all year, though “the script completely flips” in a scenario where first half sales do not grow, but actually contract, which is the company’s new base case, the analyst tells investors.
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