JPMorgan Downgrades Bed Bath & Beyond (BBBY) to Underweight
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JPMorgan downgraded Bed Bath & Beyond (NASDAQ: BBBY) from Neutral to Underweight with a price target of $18.00 (from $21.00).
Analyst Tami Zakaria believes Street expectations for nearly 50% flow through on tax savings is aggressive "given the beefed up competition in the home furnishings space" along with the need for management to invest in price, advertising, and infrastructure. The analyst fails to see a turnaround on the horizon given the company's inability to post positive comps during the most recent holiday season given there was a robust customer backdrop.
Shares of Bed Bath & Beyond closed at $23.03 yesterday.
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