Jefferies Cuts Price Target on Bed Bath & Beyond (BBBY) Following 1Q Report
Jefferies maintained a Hold rating on Bed Bath & Beyond (NASDAQ: BBBY), and cut the price target to $45.00 (from $52.00), following the company's 1Q earnings report. BBBY reported EPS of $0.80 missing Street expectations for $0.86 as comps turned negative. Comp sales declined 0.5% vs. Street's expectations for +0.6%.
Analyst Daniel Binder commented, "Although results were in line with internal plan, BBBY missed Street expectations. Store traffic and comp sales remain pressured as ecommerce sees strong growth. GM% remains pressured while investment spending cycle continues to be a headwind. Mgmt. sees One King’s Lane acquisition adding talent, capabilities and differentiation, but may not get much credit as investors look for core business improvements."
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Shares of Bed Bath & Beyond closed at $43.18 yesterday.