Barnes & Noble Education (BNED) Progressing on Strategic Initiatives, Needham Reiterates Buy After Analyst Day

Needham & Company analyst Ryan MacDonald reiterated a Buy rating and $9.00 price target on Barnes & Noble Education (NYSE: BNED) after attending the company's investor day and leaving with increased confidence that the company will exit the pandemic as a more profitable business after progressing on key strategic initiatives.

The analyst stated "Notably, management highlighted strong initial traction for First Day Complete, which has 64 campuses covering 300k students contracted for Fall 2021, and the Fanatics/Lids partnership, which contributed to the recent win at Notre Dame. Both offerings are likely to be margin accretive. While management has remained cautious in its outlook given the relative uncertainty heading into the Fall 2021 semester, we believe a return to normal creates an opportunity for healthy margin upside from current levels. As such, we find BNED's shares attractive given the current discounted valuation."

For an analyst ratings summary and ratings history on Barnes & Noble Education click here. For more ratings news on Barnes & Noble Education click here.

Shares of Barnes & Noble Education closed at $7.21 yesterday.

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