European Wax Center price target lowered to $16 from $17 at Truist

Truist lowered the firm’s price target on European Wax Center to $16 from $17 and keeps a Buy rating on the shares. The company’s Q1 results were “better than feared”, and while comps were down 1.2%, the firm expects sales to ramp sharply through the year as marketing and training initiatives drive improved productivity, the analyst tells investors in a research note. Given the company’s asset-light model and long growth pathway, the stock looks “too cheap to stay where it is”, the firm added.