Jefferies analysts nearly doubled their price target on Bed Bath & Beyond this week, taking the opposite view from other brokerages on the same day the struggling retailer disclosed it had tapped Jefferies investment bankers for a stock sale.
A customer walks into a Bed Bath & Beyond store in Novi, Michigan, U.S., January 29, 2021. REUTERS/Emily Elconin/File Photothis week, taking the opposite view from other brokerages on the same day the struggling retailer disclosed it had tapped Jefferies investment bankers for a stock sale.
In a note published on Wednesday, Jefferies analyst Jonathan Matuszewski raised his price target on Bed Bath to $9 from $5, citing confidence in the company's cost cutting measures that include job cuts and store closings.That is the highest price target on Bed Bath's stock among the 16 analysts who cover it that are tracked by Refinitiv, with the median price target currently listed as $3.
"We find it challenging to even maintain our neutral rating given the current trends of the business and ongoing cash burn," Raymond James analyst Bobby Griffin wrote in a note. Jefferies and Bed Bath representatives did not respond to requests for comment. Bed Bath shares ended trading down 8.6% at $8.71 on Thursday.
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