Wedbush Morgan Reiterates an 'Outperform' on Bed Bath & Beyond (BBBY); Raises Estimates & PT Slightly
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- Wedbush Morgan Reiterates an 'Outperform' on Bed Bath & Beyond (BBBY); Raises Estimates & PT Slightly
Wedbush Morgan reiterates an 'Outperform' rating on Bed Bath & Beyond (Nasdaq: BBBY), price target raised by $1 to $46.
Wedbush analyst says, "Raising our forecast slightly to Q3 EPS of $0.43 (from $0.42) on comps of 2.5%. We are also raising our 2009 forecast to EPS to $1.94 (from $1.90) and our 2010 EPS to $2.30 (from $2.25)...Our investment thesis remains that the company should continue to benefit from industry consolidation, good visibility for cross merchandising opportunities and future growth potential for newer concepts, and strong sheet and cash flow...With Linens N Things going away, we see three distinct sales and margin drivers: new customers to drive sales and comps, less gross margin pressure from coupon redemptions, and lower advertising expense from reduced coupon distribution."
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Bed Bath & Beyond Inc., together with its subsidiaries, operates a chain of retail stores.
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