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Fly News Breaks for February 24, 2020
BBBY
Feb 24, 2020 | 08:09 EDT
Morgan Stanley analyst Simeon Gutman said his recent meeting with Bed Bath & Beyond CEO Mark Tritton centered around the need to bring back traffic and the executive's diagnosis of the problems facing the company "was logical." While Gutman thinks Tritton's background at more successful omni-channel retailers increases the credibility of Bed Bath's potential turnaround, the analyst also warned that "results could get worse before getting better" as he believes the company faces one of the most challenging Retail transformations he has seen. Gutman keeps an Equal Weight rating on Bed Bath shares with a $12 price target.
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