Bath & Body Works price target lowered to $45 from $54 at BofA

BofA lowered the firm’s price target on Bath & Body Works to $45 from $54 and keeps a Buy rating on the shares. Management lowered fiscal year sales guidance to down 2% to down 4% from a previous call for flat to down 2% to reflect a slower pace of new customer growth and “while this is disappointing,” the firm sees opportunities to use product innovation and new category launches to drive continued progress on sales, the analyst tells investors.