Bed Bath & Beyond Given Neutral Rating at Zacks (BBBY)
Bed Bath & Beyond (NASDAQ:BBBY)‘s stock had its “neutral” rating reaffirmed by Zacks in a research note issued on Friday. They currently have a $62.00 price objective on the stock. Zacks‘s price target would indicate a potential upside of 4.47% from the company’s current price.
Zacks’ analyst wrote, “Bed Bath & Beyond posted dismal first-quarter fiscal 2014 results, wherein both top and bottom line fell short of the Zacks Consensus Estimate. The lower-than-expected earnings performance was due to a challenging retail environment, soft sales and increased costs because of the ongoing long-term investments. Moreover, the company provided a cautiously optimistic guidance for the second quarter and fiscal 2014. Though the near-term outlook appears to be bleak, we believe the company’s strategic initiatives toward expanding its store base, investments in improving customer service and progress in online sales show potential. 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.”
Several other analysts have also recently commented on the stock. Analysts at Raymond James reiterated a “strong-buy” rating on shares of Bed Bath & Beyond in a research note on Thursday, June 26th. They now have a $80.00 price target on the stock, down previously from $83.00. Separately, analysts at Goldman Sachs reiterated a “sell” rating on shares of Bed Bath & Beyond in a research note on Thursday, June 26th. Finally, analysts at Wedbush cut their price target on shares of Bed Bath & Beyond to $58.00 in a research note on Thursday, June 26th. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Bed Bath & Beyond presently has an average rating of “Hold” and an average price target of $68.82.
Shares of Bed Bath & Beyond (NASDAQ:BBBY) traded up 2.68% on Friday, hitting $59.35. 4,423,571 shares of the company’s stock traded hands. Bed Bath & Beyond has a 52-week low of $54.96 and a 52-week high of $80.82. The stock has a 50-day moving average of $60.57 and a 200-day moving average of $65.93. The company has a market cap of $11.847 billion and a P/E ratio of 12.01.
Bed Bath & Beyond (NASDAQ:BBBY) last announced its earnings results on Wednesday, June 25th. The company reported $0.93 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.95 by $0.02. The company had revenue of $2.66 billion for the quarter, compared to the consensus estimate of $2.69 billion. During the same quarter last year, the company posted $0.93 earnings per share. Bed Bath & Beyond’s revenue was up 1.7% compared to the same quarter last year. On average, analysts predict that Bed Bath & Beyond will post $4.97 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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