KeyBanc Downgrades Bed Bath & Beyond (BBBY) to Underweight
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KeyBanc analyst Bradley Thomas downgraded Bed Bath & Beyond (NASDAQ: BBBY) from Sector Weight to Underweight with a price target of $24.00.
The analyst comments "We downgrade BBBY to Underweight from Sector Weight due to valuation, risk of the “Nesting” unwind, and ongoing competitive risk. To be clear, we think highly of CEO Mark Tritton and his team and their turnaround plan. However, with the stock up 96% YTD (S&P 500 down 1%), we believe the valuation sets too high a bar to clear at 25x 2021 EPS. We initiate a $24 downside price target, representing 32% downside."
Shares of Bed Bath & Beyond closed at $35.33 yesterday.
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