Market Overview

UPDATE: Citigroup Raises PT to $74 on Bed Bath & Beyond

Share:
Related BBBY
CNBC's Stock Pops & Drops From June 25
Worst Performing Industries For June 25, 2015
New overtime wage proposal looms large in retail sector (Seeking Alpha)

Citigroup reiterated its Neutral on Bed Bath & Beyond (NASDAQ: BBBY) and raised its price target from $70 to $74.

Citigroup noted, "We believe 2Q results could be viewed as disappointing as: 1) SSS on a 2 year stack continues to slide (-90bps Q/Q), and 2) GM% decline of -127bps Y/Y. We expect gross margins to continue to be under pressure from the more targeted couponing strategy and from the mix impact from Cost Plus. … We are actually raising our estimates for FY13 based on the accretion of the Cost Plus acquisition to $4.56, up from $4.45. Our FY14 estimate goes to $5.30, up from $5.00. Our target price goes to $74."

Bed Bath & Beyond closed at $68.79 on Thursday.

Latest Ratings for BBBY

DateFirmActionFromTo
Jun 2015Morgan StanleyMaintainsUnderweight
Apr 2015Cantor FitzgeraldInitiates Coverage onBuy
Apr 2015Deutsche BankMaintainsHold

View More Analyst Ratings for BBBY
View the Latest Analyst Ratings

Posted-In: CitigroupAnalyst Color Price Target Intraday Update Analyst Ratings

 

Related Articles (BBBY)

Around the Web, We're Loving...

Get Benzinga's Newsletters