Bath & Body Works assumed with a Neutral at Piper Sandler

Piper Sandler assumed coverage of Bath & Body Works with a Neutral rating and $20 price target The firm acknowledges the stock is inexpensive trading at about seven times 2026 EPS guide that should have upside considering comparisons get easier after Q1 2026 and $250M in cost savings. With that said given the lack of visibility into the turnaround, with innovation not expected until the second half of 2026 and limited clarity on the direction of the new product, the stock could stay range bound in the near term. Longer term, Piper likes Bath & Body Works’ strong brand awareness and vertically integrated supply chain that helps drive agility and scale, while the industry across key categories Body care, Soap & Sanitizers and Home Fragrance appears to be healthy. The firm’s bull vs. bear range on the stock is $25-$15.