European Wax Center price target raised to $20 from $18 at Piper Sandler

Piper Sandler raised the firm’s price target on European Wax Center to $20 from $18 and keeps an Overweight rating on the shares. The firm continues to view European Wax Center as a solid holding and is incrementally more confident in the next 12-month trajectory, following the 2024 ICR Conference and meeting with CEO David Willis and CCO Andrea Wasserman. The company started off the week strong, pre-releasing 2023 sales toward the high end of prior expectations and profitability in line with prior expectations, largely on improving episodic guest trends. While management wasn’t commenting on 2024, Piper is optimistic that there should be little downside risk to current visitation rates.