Actionable Stock Market Trading Newswire. Built for Traders, by Traders.
All news is property of their respective owners.

Winning Consumers Back Will Be Challenging For Bed Bath & Beyond, Says This Analyst

Telsey Advisory Group analyst Cristina Fernandez reiterated an Underperform rating on the shares of Bed Bath & Beyond Inc (NASDAQ:BBBY) with a price…
byShivani Kumaresan
September 22, 2022
1 minute read
Total
0
Shares
0
0
0
0
0
0
  • Telsey Advisory Group analyst Cristina Fernandez reiterated an Underperform rating on the shares of Bed Bath & Beyond Inc (NASDAQ:BBBY) with a price target of $3.00.
  • When BBBY reports 2Q22 results on September 29, the analyst’s focus will be on the need for an additional cash raise, the comp so far in September, the pace of cost cuts, the inventory position, and progress on the merchandising initiatives toward national brands.
  • Fernandez expects the inventory position to be high and is modeling an increase of 11% to $1.8 billion, given the comparable sales decline and inventory receipts for the holiday season.
  • Related: Bed Bath & Beyond Bankruptcy ‘Beneficiaries’ Gain Analyst Support As Holiday Season Nears
  • So far in September, store traffic data from Placer AI shows ongoing year-on-year declines with traffic at Bed Bath & Beyond (22%) versus (28%) in Q3 FY22, added the analyst.
  • Fernandez notes the recent debt raise gives Bed Bath & Beyond more time to adjust costs and rebalance its merchandise mix.
  • However, the analyst remains concerned by the magnitude of the sales declines and believes it will be challenging to win consumers back in a softer economic climate.
  • Also Read: Was Bed Bath & Beyond A ‘Pump And Dump’? Ryan Cohen, Deceased CFO Named In Shareholder Lawsuit
  • Price Action: BBBY shares are trading lower by 1.17% at $7.19 on the last check Thursday.
  • Photo Via Company
 
Total
0
Shares
Share 0
Tweet 0
Share 0
Share 0
Share 0
Share 0
Related Posts
Read More

US Stocks Fall to Two-Month Low Amid Higher Volatility

By Lisa Levin
September 19, 3:04 AM
U.S. stocks closed lower, dropping to a two-month low level on Friday. All three major indices declined to levels not seen since mid-July, while the S&P 500 index settled below the major 3,900 level. Hotter-than-expected data on inflation raised prospects of an interest rate increase of at least 75 basis points at this week’s policy meeting.

AAPL