BUZZ-European Wax Center down after Telsey downgrades stock to 'market perform'

Reuters12-20
BUZZ-European Wax Center down after Telsey downgrades stock to 'market perform'

** Shares of out-of-home waxing services provider European Wax Center EWCZ.O down as much as 11.8% to $4.90

** Brokerage Telsey Advisory Group downgrades co to "market perform" from "outperform"; lowers PT to $6 from $8

** Cites disappointing year of results, marked by sluggish guest acquisition, ticket trends, and a lowered FY24 new center opening expectations for second consecutive period in Q3

** Brokerage cautious over co's ability to attract new guests and further expand footprint, them being key growth drivers

** Adds, co's third CEO in a year has clouded visibility to a timeline or strategy for improvement

** Four of nine brokerages rate the stock "buy" or higher, four "hold" and one "sell"; with a median PT of $7.25

** Including session moves, EWCZ stock has fallen ~62% YTD

(Reporting by Neil J Kanatt in Bengaluru)

((Neil.JKanatt@thomsonreuters.com;))

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