Game Over...Bed Bath & Beyond (BBBY) Investors Need to Consider 'Endgame Scenarios' - Loop Capital
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Loop Capital analyst Anthony Chukumba reiterated a Sell rating and $5.00 price target on Bed Bath & Beyond (NASDAQ: BBBY) noting the company's financial performance continues to steadily deteriorate. US macroeconomic conditions also, are much more likely to be a near-term headwind than a tailwind, possibly leaving investors in a dire predicament.
The analyst stated "we believe investors should begin to seriously consider “endgame” scenarios. We think it will be very difficult for BBBY to regain the market share and relevance the company has lost over the past several years—and management has run out of “levers to pull” at this point. In addition, we believe Ryan Cohen is highly unlikely to be BBBY’s “savior”—particularly given GameStop’s fundamental performance under his watch. We are increasingly beginning to think the most likely scenario is a Chapter 11 bankruptcy filing, with buybuy BABY sold and the sale proceeds being utilized to repay bondholders. Thus, we reiterate our Sell rating and $5 price target."
Shares of Bed Bath & Beyond closed at $9.22 yesterday.
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