Bath & Body Works upgraded to Overweight from Neutral at JPMorgan

JPMorgan analyst Matthew Boss upgraded Bath & Body Works to Overweight from Neutral with a price target of $47, up from $41. The firm’s recent fieldwork and management meetings point to a “fundamental inflection” for Bath & Body on both earnings and sales into fiscal 2025. The shares are trading at a valuation below beauty peers, with high-teens operating margin profile and low-single-digit sales translating on peer regression to a $65 equity value, the analyst tells investors in a research note.