European Wax Center price target lowered to $20 from $24 at Truist

Truist lowered the firm’s price target on European Wax Center to $20 from $24 and keeps a Buy rating on the shares as part of a broader research note on Hardlines/Broadlines. Truist card data suggests that retail spending trends have softened at the margin over the last few weeks, though these trends also look to be far more stable than what one might assume based on the underperformance seen from many retailers, the analyst tells investors in a research note. The firm is also adjusting its price targets to reflect the sector’s market multiple decline.