Bath & Body Works down as Morgan Stanley downgrades, brokerages cut PTs
Shares of Bath & Body Works BBWI.N drop 2% premarket to $15.34 after Morgan Stanley downgrades the beauty and skincare firm, other at least five other brokerages lower PTs
MS cuts to "equal-weight" from "overweight"; J.P.Morgan, Barclays, Citigroup, Wellsfargo BofA among those that cut PTS on BBWI after disappointing forecasts on Thursday
Stock to open at its lowest in more than five years if declines hold
MS cites reduced out-year & steady-state growth as well as expresses concerns over profitability forecasts
Q3 results, guidance, and new strategic plan reinforce concerns that BBWI's ability to deliver consistent low-single-digit growth and margin expansion is not just delayed, but may be structurally unattainable, the brokerage adds
Out of 15 analysts, six rate the stock "strong buy" or "buy", nine rate it "hold"
Up to last close stock has dropped by 59.2% YTD
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