Jefferies Cuts Price Target on Bed Bath & Beyond (BBBY) Following 1Q Report

Jefferies maintained a Hold rating on Bed Bath & Beyond (NASDAQ: BBBY), and cut the price target to $45.00 (from $52.00), following the company's 1Q earnings report. BBBY reported EPS of $0.80 missing Street expectations for $0.86 as comps turned negative. Comp sales declined 0.5% vs. Street's expectations for +0.6%.

Analyst Daniel Binder commented, "Although results were in line with internal plan, BBBY missed Street expectations. Store traffic and comp sales remain pressured as ecommerce sees strong growth. GM% remains pressured while investment spending cycle continues to be a headwind. Mgmt. sees One King’s Lane acquisition adding talent, capabilities and differentiation, but may not get much credit as investors look for core business improvements."

For an analyst ratings summary and ratings history on Bed Bath & Beyond click here. For more ratings news on Bed Bath & Beyond click here.

Shares of Bed Bath & Beyond closed at $43.18 yesterday.

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