Bath & Body Works price target lowered to $32 from $35 at Wells Fargo

Wells Fargo lowered the firm’s price target on Bath & Body Works to $32 from $35 and keeps an Equal Weight rating on the shares. The firm is cautious into Q3 EPS, and is tapering its Q3 estimates and cutting Q4 numbers. The story continues to struggle to find a bottom, and following weak checks throughout Q3, Wells sees no catalyst for an inflection.