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BBBY

Bed Bath & Beyond

$9.94

-0.015 (-0.15%)

16:35
10/09/19
10/09
16:35
10/09/19
16:35

Bed Bath & Beyond up 16% to $11.55 after naming Mark Tritton as CEO

BBBY Bed Bath & Beyond
$9.94

-0.015 (-0.15%)

09/30/19
09/30/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. TSMC (TSM) upgraded to Conviction Buy from Buy at Goldman Sachs with analyst Bruce Lu saying after a re-examination of industry capacity builds and order revisions, he thinks he's underestimating the positive impacts on TSMC arising from trade uncertainty. 2. Wells Fargo (WFC) upgraded to Buy from Hold at Argus with analyst Stephen Biggar citing the company's appointment of Charlie Scharf as its new CEO. 3. Cigna (CI) upgraded to Outperform from Market Perform at BMO Capital with analyst Matthew Borsch claiming that the current 8-times his expected forward earnings valuation multiple is "attractive" as the stock represents a "better hedge" against political and health policy uncertainty. 4. Bed Bath & Beyond (BBBY) upgraded to Outperform from Neutral at Wedbush with analyst Seth Basham saying turning around declining retailers is a very difficult task, particularly amidst unfavorable secular trends and soft industry sales growth, but Bed Bath & Beyond has a "good chance of stabilization" in earnings over the next two years as its changes take hold. 5. Restaurant Brands (QSR) upgraded to Neutral from Underperform at Longbow with analyst Alton Stump saying after calls with U.S. Burger King franchisees, he believes same-store sales for Restaurant Brands' Burger King concept were up 4.5%-5.0% in Q3 ahead of his prior estimate of 2.0% growth and consensus at up 3.4%. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/03/19
JEFF
10/03/19
NO CHANGE
Target $11
JEFF
Hold
Bed Bath & Beyond price target lowered to $11 from $13 at Jefferies
Jefferies analyst Jonathan Matuszewski lowered his price target for Bed Bath & Beyond to $11 from $13 and reiterates a Hold rating on the shares following last night's fiscal Q2 results. An inflection in gross margin contributed to a slight earnings beat excluding tax benefits, though comps worsened with Q2, setting a new multi-decade low, Matuszewski tells investors in a research note. He believes the "muted" stock reaction post earnings A muted reaction in suggests investors are giving a "pass" on soft top-line fundamentals and underscores optimism in the forthcoming CEO. The analyst, however, sees heightened execution risk with Bed Bath & Beyond needing to reach over 75% of its annual earnings in Q4.
10/03/19
LOOP
10/03/19
NO CHANGE
Target $10
LOOP
Hold
Bed Bath & Beyond price target lowered to $10 from $12 at Loop Capital
Loop Capital analyst Anthony Chukumba lowered his price target on Bed Bath & Beyond to $10 and kept his Hold rating after its Q2 results, saying the company's update do not give him "much reason" to believe that it is progressing with a "significant turnaround". The analyst is particularly concerned with the large same-store-sales decline at Bed Bath & Beyond, particularly in light of the "strong" top-line results by other covered home furnishings retailers and the improving housing market in the U.S. Chukumba further cites the company's operating margin contraction of 50bps, driven by the SG&A expense deleverage.
10/08/19
MSCO
10/08/19
NO CHANGE
Target $12
MSCO
Equal Weight
Bed Bath margins to be 'artificially inflated' for a while, says Morgan Stanley
Morgan Stanley analyst Simeon Gutman noted that Bed Bath & Beyond took a $194M charge related to an inventory write-down in its Q2 GAAP results, which means future markdowns will be netted against this inventory reserve and will not show up as headwinds until the reserve has been exhausted. "In other words...gross margin should be artificially inflated - and not representative of the true level of markdowns in the business - over the next few quarters," said the analyst, who thinks the potential for better than expected headline gross margin performance could serve as a key catalyst for a stock that has greater than 50% short interest. However, he thinks investors should differentiate between Bed Bath's "core gross margin trajectory and artificial, inventory write-down related benefits," Gutman stated. He keeps an Equal Weight rating on Bed Bath shares with a $12 price target.

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