Bed Bath & Beyond Receives “Neutral” Rating from Zacks (BBBY)
Bed Bath & Beyond (NASDAQ:BBBY)‘s stock had its “neutral” rating restated by Zacks in a research report issued to clients and investors on Thursday, Analyst Ratings Network.com reports. They currently have a $66.00 price target on the stock. Zacks‘s price objective suggests a potential upside of 5.05% from the stock’s previous close.
Zacks’ analyst wrote, “Bed Bath & Beyond’s results for the final quarter of fiscal 2013 remained weak in light of a year-over- year decline in both the top and bottom lines, primarily due to a severe winter in January and February. Moreover, the company’s margins remained pressured, while costs grew higher during the quarter. Additionally, the company’s mediocre projections for the upcoming quarter and fiscal 2014 hurt investor sentiments. However, the company’s future seems promising as we believe that the strategic initiatives toward expanding store base, investments in improving customer service and boosting online sales will improve its top and bottom lines. Based on a rebound in the housing market, we expect the company to grow at an impressive pace. Given the pros and cons, we maintain our Neutral stance on the stock.”
A number of other analysts have also recently weighed in on BBBY. Analysts at Williams Capital cut their price target on shares of Bed Bath & Beyond from $94.00 to $78.00 in a research note on Monday, April 14th. They now have an “outperform” rating on the stock. Separately, analysts at Citigroup Inc. downgraded shares of Bed Bath & Beyond from a “buy” rating to a “neutral” rating in a research note on Thursday, April 10th. They now have a $72.00 price target on the stock, down previously from $85.00. Finally, analysts at SunTrust cut their price target on shares of Bed Bath & Beyond from $84.00 to $80.00 in a research note on Thursday, April 10th. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and six have assigned a buy rating to the company’s stock. Bed Bath & Beyond presently has a consensus rating of “Hold” and a consensus target price of $74.05.
In other Bed Bath & Beyond news, CMO Arthur Stark sold 10,000 shares of Bed Bath & Beyond stock in a transaction that occurred on Thursday, April 17th. The shares were sold at an average price of $63.66, for a total transaction of $636,600.00. Following the sale, the chief marketing officer now directly owns 170,653 shares of the company’s stock, valued at approximately $10,863,770. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
Bed Bath & Beyond (NASDAQ:BBBY) traded down 0.14% on Thursday, hitting $62.83. The stock had a trading volume of 2,724,323 shares. Bed Bath & Beyond has a 52 week low of $62.12 and a 52 week high of $80.82. The stock has a 50-day moving average of $67.04 and a 200-day moving average of $71.64. The company has a market cap of $12.915 billion and a P/E ratio of 13.14.
Bed Bath & Beyond (NASDAQ:BBBY) last issued its quarterly earnings data on Wednesday, April 9th. The company reported $1.60 EPS for the quarter, meeting the Thomson Reuters consensus estimate of $1.60. The company had revenue of $3.20 billion for the quarter, compared to the consensus estimate of $3.22 billion. During the same quarter in the prior year, the company posted $1.68 earnings per share. The company’s quarterly revenue was down 5.8% on a year-over-year basis. On average, analysts predict that Bed Bath & Beyond will post $5.05 earnings per share for the current fiscal year.
Bed Bath & Beyond Inc is a chain of retail stores, operating under the names Bed Bath & Beyond (NASDAQ:BBBY), Christmas Tree Shops (CTS), Harmon and Harmon Face Values (Harmon), buybuy BABY and World Market or Cost Plus World Market (World Market).
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