It’s time to purchase shares of Bath and Body Works , which is a “defensible growth story” that can more than double from here after its current stock tumble, according to Piper Sandler. Analyst Korinne Wolfmeyer started protection of Bath and Body Works with an obese score, stating in a Thursday note that the stock looks appealing after dropping more than 60% this year, which the business has a lot of development chances ahead. “We’re fans of the defensible growth story BBWI is and the upside opportunity with international expansion and entrance into other areas of beauty/personal care,” Wolfmeyer composed. Piper Sandler released a $58 cost target, which is more than double where shares closed Wednesday. Piper experts authorize of the business’s strategies to broaden into hair and skin care this fall, as both classifications have actually grown more popular, along with an organization design that needs customers to restock on materials. The company thinks the charm classification will be “one of the last areas to be hit” by inflation, offered a customer concentrate on self care that insulates the sector from cuts to customer costs. “We believe the repeat business model with daily use and replenish-like qualities along with providing highly-giftable products in a category that’s proved to be a staple during and following the pandemic makes for a highly attractive name that’s relatively under-valued,” the note read. Shares of Bath and Body Works increased more than 1% in Thursday premarket trading. —CNBC’s Michael Bloom added to this report.