Morgan Stanley analyst Simeon Gutman downgraded European Wax Center (EWCZ) to Underweight from Equal Weight with an unchanged price target of $5. The company’s efforts to reinvigorate sales have yet to materialize and its unit growth story has been pushed out, the analyst tells investors in a research note. The firm says European Wax’s Q3 results showed it the actions being taken are not yet working and the company’s issues run deeper than initially thought.
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