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Fly News Breaks for February 12, 2020
Feb 12, 2020 | 09:00 EDT
Raymond James analyst Bobby Griffin lowered his price target for Bed Bath & Beyond to $14 from $17 but maintained a Strong Buy rating following the company's "disappointing" Q4 update, saying that while he knew the turnaround was not going to be linear, the Q4 update "tested our patience." Griffin tells investors in a research note that while he is concerned about the lack of visibility into sales stabilization, he knew this was not going to be a quick fix and does not believe there has been any change to the potential asset sales and this still remains a catalyst that should move shares higher when announced. The analyst wants to hear what the long-term strategy is from new CEO Tritton and ultimately what assets will remain before he fully judges the feasibility of the turnaround.