Bed Bath & Beyond Rating Lowered to Underperform at Wolfe (BBBY)
Bed Bath & Beyond (NASDAQ:BBBY) was downgraded by equities researchers at Wolfe from a “market perform” rating to an “underperform” rating in a research report issued on Tuesday, TheFlyOnTheWall.com reports. They currently have a $55.00 target price on the stock. Wolfe’s price objective would indicate a potential downside of 9.48% from the stock’s previous close.
Bed Bath & Beyond (NASDAQ:BBBY) opened at 60.76 on Tuesday. Bed Bath & Beyond has a 52-week low of $60.29 and a 52-week high of $80.82. The stock has a 50-day moving average of $61.77 and a 200-day moving average of $67.89. The company has a market cap of $12.241 billion and a price-to-earnings ratio of 12.79. Bed Bath & Beyond also was the target of a significant increase in short interest in the month of May. As of May 30th, there was short interest totalling 9,574,338 shares, an increase of 24.6% from the May 15th total of 7,685,427 shares. Based on an average trading volume of 2,327,087 shares, the days-to-cover ratio is currently 4.1 days. Approximately 4.8% of the shares of the stock are sold short.
Bed Bath & Beyond (NASDAQ:BBBY) last issued its quarterly earnings data on Wednesday, April 9th. The company reported $1.60 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.60. The company had revenue of $3.20 billion for the quarter, compared to the consensus estimate of $3.22 billion. During the same quarter in the previous year, the company posted $1.68 earnings per share. The company’s revenue for the quarter was down 5.8% on a year-over-year basis. Analysts expect that Bed Bath & Beyond will post $5.05 EPS for the current fiscal year.
A number of other firms have also recently commented on BBBY. Analysts at Zacks reiterated a “neutral” rating on shares of Bed Bath & Beyond in a research note on Thursday, April 24th. They now have a $66.00 price target on the stock. Separately, analysts at Williams Capital cut their price target on shares of Bed Bath & Beyond from $94.00 to $78.00 in a research note on Monday, April 14th. They now have an “outperform” rating on the stock. Three analysts have rated the stock with a sell rating, fifteen have given a hold rating and six have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $73.10.
Bed Bath & Beyond Inc is a chain of retail stores, operating under the names Bed Bath & Beyond (NASDAQ:BBBY), Christmas Tree Shops (CTS), Harmon and Harmon Face Values (Harmon), buybuy BABY and World Market or Cost Plus World Market (World Market).
Stay on top of analysts' upgrades and downgrades with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' ratings changes. Register Now.