I suppose its all down to personal preference.I still wouldnt want to wax a pregnant woman,for several reasons.

1. Skin stretches considerably yes,but it becomes more delicate.Thats why some people get stretchmarks. Stretchmarks SHOULD NOT be waxed over.

2. As the skin thins out,the pain thresh hold on alot of woman is more. But that depends intirely on that person.

3. It doesnt affect the baby,as I have stated in my last post,but may affect the person. for example... Womans skin changes in pregnancy and can become more sensitive,causing rashes etc.

The bottom line is,to answer the question...No it wont harm the baby,but it MAY harm the mothers skin.

Just my opinion...every Beautician is different.