Bed Bath & Beyond (NASDAQ:BBBY) news for Monday has BBBY stock heading higher on an upgrade from Wedbush.
Seth Basham is the Wedbush analyst behind the upgrade for BbBY stock. This has him bumping the stock up from its previous rating of “Neutral” to the new rating of “Outperform”. The reason given for the change is that Basham believes Bed Bath & Beyond may be able to succeed in turning its business around over the next couple of years.
The Wedbush analyst doesn’t stop the Bed Bath & Beyond with just an upgrade. He also set a new price target for BBBY stock. This new price target for BBY stock is $16 per share, which is a 14.30% increase over the previous price target of $14.00 per share.
So how exactly is Bed Bath & Beyond planning to change its business? The company announced earlier this month that it will be reducing inventory and closing down some stores. It will also be reporting earnings for its fiscal second quarter of 2019 this week, but investors aren’t likely to see any major changes yet, reports TheStreet.com.
The Bed Bath & Beyond news release for its upcoming earnings report will come out after the market closes on Wednesday. BBBY will then be holding a conference call at 5:00 p.m. ET to go over the results. Wall Street is looking for earnings per share and revenue of 28 cents and $2.75 billion.
BBBY stock was up 8.20% as of Monday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.
