Piper Sandler lowered the firm’s price target on Bath & Body Works to $48 from $52 and keeps an Overweight rating on the shares. The analyst reiterated e.l.f. Beauty (ELF) as a top idea and are also moved Coty (COTY) to a top idea following a round of beauty store checks in Chicago and recent positive company updates from Coty. The firm also tightening up its models and price targets for a number of covered beauty names. In short, Piper continues to favor names with healthy growth and margins, brand momentum, and exposure to secular tailwinds, and views both Coty and e.l.f. as best positioned.
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