European Wax downgraded to Underweight from Equal Weight at Morgan Stanley

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.