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BBBY

Bed Bath & Beyond

$15.78

-0.3 (-1.87%)

08:14
05/13/19
05/13
08:14
05/13/19
08:14

Bed Bath & Beyond CEO Steven Temares steps down, Winston named interim CEO

Bed Bath & Beyond announced that Mary Winston has been appointed Interim CEO, effective immediately. Steven Temares has stepped down as CEO and resigned as a member of the Bed Bath & Beyond Board. The Board has formed a CEO search committee to identify a permanent CEO and will retain an executive search firm to assist in the search process. The Board's search process will focus on individuals who have transformation and innovation experience in the retail sector. In addition, the Board appointed Andrea Weiss, a long-time retail executive who also recently joined the Bed Bath & Beyond Board, as Chair of the Business Transformation and Strategy Review Committee, which will be responsible for ensuring that all aspects of the company's ongoing business transformation are addressed. Weiss and the Committee will work closely alongside Winston in her role as Interim CEO and the other members of the leadership team to identify opportunities for rapid performance improvement of both short- and long-term results.

BBBY Bed Bath & Beyond
$15.78

-0.3 (-1.87%)

04/05/19
04/05/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Bed Bath & Beyond (BBBY) upgraded to Equal Weight from Underweight at Morgan Stanley with analyst Simeon Gutman saying he believes activist intervention presents the potential for upside for the stock in the near-term. 2. Snap (SNAP) upgraded to Hold from Sell at Summit Insights. 3. Northrop Grumman (NOC) upgraded to Positive from Neutral at Susquehanna. 4. Weyerhaeuser (WY) upgraded to Overweight from Equal Weight at Stephens with analyst Mark Connelly saying the stock, which is generally viewed as an income play, has sold off on rate concerns and slower starts. 5. Viacom (VIA, VIAB) upgraded to Outperform from Sector Perform at RBC Capital with analyst Steven Cahall saying the company's "less contentious" than feared DirecTV (T) deal improves its standing and "paves the way toward merger talks" with CBS (CBS). This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
04/11/19
DBAB
04/11/19
NO CHANGE
Target $19
DBAB
Hold
Bed Bath & Beyond price target raised to $19 from $15 at Deutsche Bank
Deutsche Bank analyst Mike Baker raised his price target for Bed Bath & Beyond to $19 from $15 following the company's "relatively in-line" quarter and guidance increase. The analyst keeps a Hold rating on the shares. The guidance is back-end weighted with the Q1 outlook weaker than expected, Baker tells investors in a research note. While bulls will focus on the presence of an activist investor and the long term transformational plan as two ways to win, bears will focus in on the fact that the shares have already had a significant move higher and that the initiatives put forth in the guidance are still largely unproven, contends the analyst. Baker sees "somewhat limited" share downside in the near term with activists likely to unveil their detailed operational plan in the next two weeks.
04/11/19
UBSW
04/11/19
NO CHANGE
Target $18
UBSW
Neutral
Bed Bath & Beyond price target raised to $18 from $13 at UBS
UBS analyst Michael Lasser raised his price target on Bed Bath & Beyond to $18 after its Q4 earnings beat but also kept his Neutral rating, questioning the management's announced strategy update. The analyst cites the company's plans to "cut back on couponing, lower marketing spend, reduce store labor, and make returns more stringent" as running "counter to what most retailers are doing currently" as they aim to capture more customers. Lasser adds that prioritizing profitability over sales has a "limited shelf life", and its current planned actions will make its low-single-digit long term sales growth objective "hard to achieve".
04/11/19
MSCO
04/11/19
NO CHANGE
Target $20
MSCO
Equal Weight
Bed Bath's weak Q1 view calls FY19 guidance into question, says Morgan Stanley
Morgan Stanley analyst Simeon Gutman said he is skeptical Bed Bath & Beyond will be able to deliver results in line with its "overly optimistic" 2019 guidance given the company's weak Q1 outlook. He also questions the achievability of the company's "bullish" long-term guidance as he expects macroeconomic pressure and competitive headwinds to intensify. Gutman added that he believes Bed Bath's intention to accelerate its board refreshment process may not suffice and that the company could be headed towards a proxy fight with the activists that are involved in the stock. He keeps an Equal Weight rating and $20 price target on Bed Bath & Beyond shares.

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