Canaccord Cuts PT on Bed, Bath, and Beyond (BBBY) to $72 Following Q4 Update

Canaccord Genuity lowers its price target on Bed, Bath, and Beyond (Nasdaq: BBBY) from $73 to $72, while maintaining a Hold rating on the stock following Q4 results.

Last Friday, Bed, Bath, and Beyond cut Q4 EPS guidance to a range of $1.57 to $1.61, with Canaccord looking for a reading of $1.64.

Analyst Laura Champine commented, Difficult weather pressured sales across much of the retail sector throughout the period. BBBY now expects SSS growth of 1.7% on top of +2.5%, versus its prior outlook of a 2%-4% increase. Excluding the impact of weather, the company believes SSS would have increased near the high end of its prior guidance at +3.7% to +4.2%.

Q4 EPS drops to $1.61 with Canaccord's comps outlook moving from 2.0 percent down to 1.7 percent.

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

Bed Bath & Beyond closed at $69.16 last Friday, with a 52 week range of $54.62 - $80.82.

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