Barclays analyst Adrienne Yih downgraded Bath & Body Works to Underweight from Equal Weight with a price target of $28, down from $31. The analyst believes there is risk of ongoing sales and margin pressure in 2025 from a weakening U.S. macro environment, spending normalization in the beauty segment, and inventory building. Bath & Body shares could underperform the broader retail sector, the analyst tells investors in a research note.