Baird lowered the firm’s price target on Bath & Body Works to $40 from $50 and keeps an Outperform rating on the shares. The firm said the company margin trajectory is encouraging, but the demand backdrop remains challenging due to a more cautious consumer, and ongoing normalization in Covid categories. Baird sees attractive value at current levels with cost savings cushioning EPS downside, and healthy FCF, but further patience is required.
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