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After the market close on Wednesday, Bed Bath & Beyond (NASDAQ: BBBY) reported a miss on its first quarter earnings. Shares of the company are down over seven percent.
In response to the miss, Bank of America and Morgan Stanley have both issued notes detailing their position on the company.
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Bank of America: Neutral, $63 PT
The analysts began by noting Bed Bath & Beyond missed on sales growth, EPS and comps. They continued to express concerns that the company will suffer from margin pressure for longer than previously expected.
In the concluding remarks, the analysts wrote, "While valuation remains inexpensive compared to peers, we remain Neutral on BBBY as we believe upside to shares will be limited until comps meaningfully accelerate."
Morgan Stanley: Underweight, $58 PT
The team at Morgan Stanley began, "We continue to view BBBY risk/reward as unattractive given expected margin growing pains as the business transitions to omni-channel."
The analysts noted the company has already seen an element of the margin pressure play out in the first quarter and anticipate it getting worse before it gets better.
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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.