Morgan Stanley Reiterates Underweight Rating, $57 PT on Bed Bath & Beyond on Challenging Quarter
In a report published Wednesday, Morgan Stanley analyst David Gober reiterated his Underweight rating and $57.00 price target on Bed Bath & Beyond (NASDAQ: BBBY).
In the report, Gober noted, “We remain UW shares and see 4Q as a challenging quarter for BBBY. Top-line compares vs. ‘11 are 270 bps more difficult and our AlphaWise survey shows Amazon.com taking meaningful share with Bed Bath's core consumers. We reduce 4Q comp estimates 30bp to 1.7% (cons 2.7%) and EPS to $1.66 (cons $1.68).”
Bed Bath & Beyond closed on Tuesday at $61.32.
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