Canaccord Genuity Lowers Numbers on Bed Bath & Beyond (BBBY); Guidance Falls Short

June 21, 2012 8:54 AM EDT
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Price: $40.77 -0.9%

Rating Summary:
    6 Buy, 21 Hold, 6 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 11 | Down: 20 | New: 54
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Canaccord Genuity maintains a 'Hold' on Bed Bath & Beyond (NASDAQ: BBBY) price target of $71.00 (from $73.00).

Analyst, Laura Champine, said, "BBBY reported Q1 EPS of $0.89, $0.04 above our estimate and $0.05 ahead of consensus...BBBY guided for Q2 EPS of $0.97-$1.03, excluding any potential impact from the Cost Plus acquisition, which is expected to close in the quarter. (The Linens Holdings acquisition is not expected to have a material effect on EPS in Q2 or FY12.) The prior consensus estimate was $0.05 above the high end of the range. We are reducing our Q2 EPS estimate by $0.02 to $1.07." (FY12 EPS estimate cut from $4.68 to $4.66)

For an analyst ratings summary and ratings history on Bed Bath & Beyond click here. For more ratings news on Bed Bath & Beyond click here.

Shares of Bed Bath & Beyond closed at $73.67 yesterday.

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