UPDATE: Citigroup Upgrades Bed Bath & Beyond to Buy on Valuation, Differentiation Improvement
Citigroup upgraded Bed Bath & Beyond (NASDAQ: BBBY) from Neutral to Buy and raised the price target from $63.00 to $67.00.
Citigroup commented, "We are upgrading BBBY to Buy based on five key considerations: 1) attractive valuation due to ongoing stock weakness, 2) lapping of easier comparisons on GM and SG&A (~anniversarying increased coupon conversion and eCommerce investments), 3) internet threat appears overdone (~casa.com), 4) differentiation through Cost Plus, Harmon and Registry businesses, and 5) sq ftg growth opportunities with buybuy BABY."
Bed Bath & Beyond closed at $58.35 on Monday.
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