Bath & Body Works price target lowered to $28.50 from $32 at Jefferies

Jefferies lowered the firm’s price target on Bath & Body Works to $28.50 from $32 and keeps a Hold rating on the shares. The firm’s checks find little progress online and in store on reducing promotions, with new items quickly discounted despite new CEO Daniel Heaf’s goal to rely less on sales, the analyst tells investors. Given persistent promos, the uneven launch impact of the Disney Villains debut and macro uncertainty, the firm sees limited near-term upside for sales and margins, the analyst added.