Nomura Securities Maintains a 'Buy' on Bed Bath and Beyond (BBBY); Review of FQ2 Results
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Price: $4.35 -2.03%
Rating Summary:
4 Buy, 17 Hold, 14 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
4 Buy, 17 Hold, 14 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Nomura Securities maintains a 'Buy' on Bed Bath and Beyond (NASDAQ: BBBY) price target raised from $68 to $73.
Nomura analyst, Aram Rubinson, said, "SG&A once again yielded upside for BBBY, contributing an additional $0.05 benefit to our FQ2 estimate. That, together with strong comps (+5.6%), drove FQ2 EPS of $0.93, vs. Street at $0.84. Advertising efficiencies however, appear to be mounting. Over the past two years, BBBY has cut advertising dollars by 26%. However, we take comfort in the fact that sales are up 22%, even as ads are down 26%. We are increasing our estimates to reflect FQ2’s upside, but we do not expect H2 to be as robust as H1. Our FY11E EPS goes to $3.85 from $3.75 and 2012E to $4.58 from $4.50."
For more ratings news on Bed Bath and Beyond click here and for the rating history of Bed Bath and Beyond click here.
Shares of Bed Bath and Beyond closed at $57.48 yesterday.
Nomura analyst, Aram Rubinson, said, "SG&A once again yielded upside for BBBY, contributing an additional $0.05 benefit to our FQ2 estimate. That, together with strong comps (+5.6%), drove FQ2 EPS of $0.93, vs. Street at $0.84. Advertising efficiencies however, appear to be mounting. Over the past two years, BBBY has cut advertising dollars by 26%. However, we take comfort in the fact that sales are up 22%, even as ads are down 26%. We are increasing our estimates to reflect FQ2’s upside, but we do not expect H2 to be as robust as H1. Our FY11E EPS goes to $3.85 from $3.75 and 2012E to $4.58 from $4.50."
For more ratings news on Bed Bath and Beyond click here and for the rating history of Bed Bath and Beyond click here.
Shares of Bed Bath and Beyond closed at $57.48 yesterday.
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