Bath & Body Works price target raised to $45 from $30 at Evercore ISI

Evercore ISI raised the firm’s price target on Bath & Body Works to $45 from $30 and keeps an In Line rating on the shares. Street margin estimates for FY24 were “way too high coming out of last quarter,” though management did a good job of resetting margin estimates to “much more realistic levels,” the analyst tells investors. While Bath & Body has “several exciting initiatives in the hopper that could be potential catalysts for shares,” the firm remains on the sidelines because it notes guidance is still predicated on back half inflection and the expectation for such an inflection remains a risk.