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