Bath & Body Works price target lowered to $35 from $48 at Citi

Citi lowered the firm’s price target on Bath & Body Works to $35 from $48 and keeps a Neutral rating on the shares ahead of the Q2 report on August 28. The analyst believes Q2 was a difficult quarter to drive sales given it is dominated by the semi-annual Sale in June and the consumer is increasingly price sensitive. As a result, the firm expects Bath & Body to lower fiscal 2024 guidance to the lower end of the current guidance range of $3.00-$3.35 and no longer guide to a sales inflection in the second half of the year. Citi is cautious into the Q2 report.