European Wax Center downgraded to Neutral from Buy at Citi

Citi analyst Kelly Crago downgraded European Wax Center to Neutral from Buy with a price target of $5.50, down from $16, following the company’s Q2 earnings results. While Q2 sales were only “slightly below” consensus, management “significantly cut” sales guidance and new store growth, citing macro pressures, the analyst noted, adding that the company’s long-term growth opportunity is “uncertain.”