BofA analyst Lorraine Hutchinson lowered the firm’s price target on Bath & Body Works to $40 from $50 and keeps a Buy rating on the shares. New categories are performing well and the firm continues to expect the business to return to sales growth in FY24, the analyst tells investors. However, the firm cut its price target as it is lowering its FY23 and FY24 EPS estimates by 3% and 13%, respectively, to reflect greater traffic pressures and lower its multiple to account for a slower inflection to growth.
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