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UPDATE: Canaccord Genuity Upgrades Bed Bath & Beyond to Buy on Cost Plus Catalyst

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Canaccord Genuity raised its rating on Bed Bath & Beyond (NASDAQ: BBBY) from Hold to Buy and increased its price target from $71 to $75.

Canaccord Genuity noted, "BBBY shares have declined 15% since 6/20 when the company issued Q2 EPS guidance that fell short of expectations. … We view this as an opportunity for investors to buy a high-quality company just as the addition of Cost Plus becomes a potential growth lever. We believe Cost Plus' contribution to EPS will grow from $0.01 in F2012 to $0.32 by F2016. BBBY still has around $1B in cash following recent acquisitions which will support much-needed investments in technology and the return of capital to shareholders."

Bed Bath & Beyond closed at $62.78 on Friday.

Latest Ratings for BBBY

DateFirmActionFromTo
Jan 2015OppenheimerUpgradesMarket PerformOutperform
Jan 2015NomuraMaintainsNeutral
Jan 2015Deutsche BankMaintainsHold

View More Analyst Ratings for BBBY
View the Latest Analyst Ratings

Posted-In: Canaccord GenuityAnalyst Color Upgrades Pre-Market Outlook Analyst Ratings

 

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