BBBY To Beat 3Q09 Expectations
Analysts at FBR Capital Markets maintain their "market perform" rating on Bed Bath & Beyond Inc (NASDAQ: BBBY). The target price for BBBY is set to $39.50.
Bed Bath & Beyond is scheduled to report its 3Q09 results on January 6. The analysts believe that the 3Q09 results will be significantly ahead of the guidance and the consensus. BBBY is benefiting from the liquidation of some of its former competitors, the analysts say. Moreover, the company’s same-store sales during 3Q09 are likely to have been benefited from the shift of Labor Day and back-to-school sales from Q2 to Q3, the analysts add.
Comp benefits from the elimination of Bed Bath & Beyond’s competitors will abate, commencing 4Q09, the analysts mention. FBR Capital Markets expects in-line results from BBBY during 2010.
