Morgan Stanley Downgrades Bed Bath & Beyond (NASDAQ:BBBY) to Underweight

Bed Bath & Beyond (NASDAQ:BBBY) was downgraded by analysts at Morgan Stanley from an “equal weight” rating to an “underweight” rating in a report released on Thursday, The Fly reports. They currently have a $12.00 price objective on the retailer’s stock, down from their prior price objective of $18.00. Morgan Stanley’s price target indicates a potential downside of 16.90% from the company’s current price.

BBBY has been the topic of several other research reports. B. Riley began coverage on shares of Bed Bath & Beyond in a research note on Thursday, July 1st. They issued a “buy” rating and a $44.00 target price on the stock. Telsey Advisory Group cut their price target on Bed Bath & Beyond from $35.00 to $28.00 and set a “market perform” rating for the company in a report on Monday, September 27th. TheStreet cut Bed Bath & Beyond from a “c” rating to a “d+” rating in a report on Thursday, September 30th. Credit Suisse Group cut their price target on Bed Bath & Beyond from $30.00 to $23.00 and set a “neutral” rating for the company in a report on Friday, October 1st. Finally, Zacks Investment Research cut Bed Bath & Beyond from a “hold” rating to a “strong sell” rating and set a $13.00 price target for the company. in a report on Tuesday, October 5th. Five research analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $21.31.

BBBY opened at $14.44 on Thursday. Bed Bath & Beyond has a fifty-two week low of $14.10 and a fifty-two week high of $53.90. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.56 and a quick ratio of 0.80. The firm’s fifty day moving average price is $23.90 and its two-hundred day moving average price is $26.71. The company has a market capitalization of $1.46 billion, a P/E ratio of 19.51 and a beta of 1.82.

Bed Bath & Beyond (NASDAQ:BBBY) last posted its quarterly earnings results on Thursday, September 30th. The retailer reported $0.04 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.52 by ($0.48). Bed Bath & Beyond had a return on equity of 9.10% and a net margin of 1.02%. The business had revenue of $1.99 billion for the quarter, compared to analyst estimates of $2.06 billion. During the same quarter in the prior year, the firm earned $0.50 EPS. The firm’s quarterly revenue was down 26.2% on a year-over-year basis. On average, equities research analysts expect that Bed Bath & Beyond will post 1.54 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently modified their holdings of the stock. Whittier Trust Co. of Nevada Inc. grew its position in shares of Bed Bath & Beyond by 47.8% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 1,315 shares of the retailer’s stock valued at $44,000 after purchasing an additional 425 shares during the period. Commonwealth Equity Services LLC grew its position in shares of Bed Bath & Beyond by 4.6% in the 2nd quarter. Commonwealth Equity Services LLC now owns 11,467 shares of the retailer’s stock valued at $381,000 after purchasing an additional 501 shares during the period. Hanseatic Management Services Inc. boosted its position in Bed Bath & Beyond by 3.5% during the 2nd quarter. Hanseatic Management Services Inc. now owns 15,348 shares of the retailer’s stock worth $511,000 after acquiring an additional 515 shares during the last quarter. Shell Asset Management Co. boosted its position in Bed Bath & Beyond by 5.7% during the 2nd quarter. Shell Asset Management Co. now owns 9,887 shares of the retailer’s stock worth $329,000 after acquiring an additional 530 shares during the last quarter. Finally, Macquarie Group Ltd. boosted its position in Bed Bath & Beyond by 14.2% during the 2nd quarter. Macquarie Group Ltd. now owns 4,567 shares of the retailer’s stock worth $152,000 after acquiring an additional 568 shares during the last quarter.

About Bed Bath & Beyond

Bed Bath & Beyond, Inc engages in the operation of retail stores and retails domestics merchandise and home furnishings. Its products include domestic merchandise and home furnishings such as bed linens and related items, bath items, kitchen textiles kitchen and tabletop items, fine tabletop, basic house wares, general home furnishings, and consumables.

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