Market Overview

UPDATE: Canaccord Genuity Downgrades Bed Bath & Beyond, Reiterates on Limited Upside Potential

Related BBBY
Stock Market News for April 15, 2014 - Market News
Stock Market News for April 11, 2014 - Market News
Nasdaq Crumbles in Worst Rout Since '11 (Fox Business)

In a report published Wednesday, Canaccord Genuity analyst Laura Champine downgraded the rating on Bed Bath & Beyond (NASDAQ: BBBY) from Buy to Hold, but reiterated the $84.00 price target.

In the report, Canaccord Genuity noted, “We are downgrading shares of Bed Bath & Beyond from Buy to HOLD as we believe upside potential is limited amid the difficult near-term retail climate. Recent trends suggest the consumer is pulling back on discretionary purchases, with those that are still spending focused more on big-ticket investments. We expect BBBY will be more aggressive promotionally, including a greater online marketing push, amid this tough environment. We believe BBBY's e-commerce penetration can grow to 14% ($2B) over the next five years. There is risk to this outlook given that BBBY has historically been slow moving. We estimate e-commerce penetration has grown to only 2% ($218MM in F2012) in the 13 years since the original site launched.”

Bed Bath & Beyond closed on Tuesday at $77.44.

Posted-In: Canaccord Genuity Laura ChampineAnalyst Color Downgrades Analyst Ratings

 

Most Popular

Related Articles (BBBY)

Around the Web, We're Loving...

Partner Network

Get Benzinga's News Delivered Free