Bath & Body Works upgraded to Overweight from Neutral at Piper Sandler

Piper Sandler upgraded Bath & Body Works to Overweight from Neutral with a price target of $35, down from $38. The company’s business is “fairly well-insulated” from macro pressures relative to peers, with minimal outside the U.S. sourcing, a vertically integrated structure, and accessible price-points, the analyst tells investors in a research note. The firm says Bath & Body’s valuation is attractive with its discounts versus consumer peers at multi-year lows. This creates an attractive entry point, contends Piper. The firm adds that Bath & Body performed well in its latest survey of teens.