Wells Fargo Reaffirms Their Sell Rating on Bed Bath & Beyond (BBBY)

In a report released today, Zachary Fadem from Wells Fargo reiterated a Sell rating on Bed Bath & Beyond (BBBYResearch Report), with a price target of $10. The company’s shares closed yesterday at $11.52, close to its 52-week low of $10.46.

Fadem observed:

“We believe interim CEO Mary Winston talked a good game around areas of improvements (next-gen stores, pricing, couponing, sourcing/private label) and appears open to value creating levers like store closures and potential divestitures. That said, we remain cautious, with no guarantees that these newly implemented initiatives can gain traction and a FY19 outlook that in our view still sets the bar too high. Reiterate UP; PT to $10 from 15.”

According to TipRanks.com, Fadem is a 5-star analyst with an average return of 11.8% and a 70.0% success rate. Fadem covers the Services sector, focusing on stocks such as National Vision Holdings Inc, Floor & Decor Holdings Inc, and Advance Auto Parts.

The word on The Street in general, suggests a Hold analyst consensus rating for Bed Bath & Beyond with a $15.25 average price target.

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The company has a one-year high of $20.43 and a one-year low of $10.46. Currently, Bed Bath & Beyond has an average volume of 5.2M.

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Bed Bath & Beyond, Inc. engages in the operation of retail stores and retails domestics merchandise and home furnishings. It operates through the Bed Bath & Beyond, Christmas Tree Shops, Christmas Tree Shops andThat!, Harmon or Harmon Face Values, buybuy BABY, and World Market, Cost Plus World Market or Cost Plus brands.