Bath & Body Works price target raised to $54 from $48 at BofA

BofA raised the firm’s price target on Bath & Body Works to $54 from $48 and keeps a Buy rating on the shares. The firm’s annual consumer sentiment survey shows improving brand strength, great uptake on category expansions, and higher intent to purchase, notes the analyst, who also highlights the company as one of the few retailers in the analyst’s coverage that still has gross margin benefits from normalizing raw material costs into FY24.