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Benzinga
Benzinga
Business
Shivani Kumaresan

Read Why This Analyst Cut Bed Bath And Beyond's Price Target By 60%

BBBY NYSE Cristina Fernández Nasdaq Target Corp Telsey Advisory Group Walmart Inc Supply chain
  • Telsey Advisory Group analyst Cristina Fernández lowered the price target on Bed Bath & Beyond Inc (NASDAQ:BBBY) to $6 from $15, implying a 10.45% downside. The analyst maintained an Underperform rating on the shares.
  • The analyst is taking a subdued view due to more negative commentary from mass retailers like Big Lots, Inc. (NYSE:BIG), Target Corp (NYSE:TGT), and Walmart Inc (NYSE:WMT) about consumer spending on the home category and the impact of lapping government stimulus checks in 2021.
  • Fernández thinks the challenging dynamic will continue through at least the second quarter of 2022 as retailers take more aggressive steps to clear through inventory.
  • She also thinks BBBY's legacy supply chain infrastructure limits the ability to move inventory around quickly and efficiently and offset the financial impact during disruption.
  • Price Action: BBBY shares are trading lower by 3.73% at $6.45 in premarket on the last check Wednesday.
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