Piper Sandler lowered the firm’s price target on Bath & Body Works to $34 from $37 and keeps a Neutral rating on the shares following the fiscal Q3 results. Consumer spending is starting to show greater pressure as we move toward the end of the year, which could limit Bath & Body’s earnings power potential in the near and intermediate term, the analyst tells investors in a research note. Until more stability is seen, the firm struggles to award a much higher multiple than current share levels.
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