Bath & Body Works price target raised to $39 from $35 at Piper Sandler

Piper Sandler analyst Korinne Wolfmeyer raised the firm’s price target on Bath & Body Works to $39 from $35 and keeps an Overweight rating on the shares. The firm notes management has already flagged that Q1 sales should be at the high end of guidance, and Piper has not seen anything from April that puts that at risk. The bottom line could have less upside with investments in A&P, but the firm doesn’t believe buy side would be disappointed. As for guidance, it would not expect an increase given the macro, though management’s current 1%-3% sales growth target still looks reasonable.