Bed Bath & Beyond (BBBY) PT Raised to $33 at Baird

July 1, 2021 7:33 AM EDT
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Price: $4.71 -5.23%

Rating Summary:
    6 Buy, 20 Hold, 9 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 1 | Down: 0 | New: 0
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Baird analyst Peter S. Benedict raised the price target on Bed Bath & Beyond (NASDAQ: BBBY) to $33.00 while maintaining a Neutral rating following earnings.

The analyst commented, "BBBY delivered 1Q revenue/gross profit upside (~4%/~7% ahead of our model), but higher expenses limited the flow through (adj-EBITDA was in-line). The revenue beat was encouraging, but BBBY's +LSD% comps vs. 1Q19 still lag competitors (i.e., TGT's home business was ~40% above 1Q19). Looking forward, FY21 guidance was raised, and 2Q-4Q comps are now seen +LSD% (vs. prior flattish). With back-to-college an important customer reengagement opportunity, we remain watchful for signs of incremental traction in the months ahead. Raising estimates and price target (to $33). Maintain Neutral rating."

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