Bath & Body Works price target lowered to $20 from $26 at TD Cowen

TD Cowen analyst Jonna Kim lowered the firm’s price target on Bath & Body Works to $20 from $26 and keeps a Buy rating on the shares. The firm updated targets in the specialty retail group as part of a Q1 preview. Sector valuations have compressed on concerns around high inflation and weaker consumer spend, the analyst tells investors in a research note. TD thinks most of the “bad” news could be priced in, but adds that any negative commentary on quarter-to-date trends could send stocks lower.