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Bed Bath & Beyond Shows Promise, Gets Street-High Price Target

·1 min read

By Christiana Sciaudone

Investing.com -- Bed Bath&Beyond Inc (NASDAQ:BBBY) isn't dead yet. Shares are up 3.5% after the company got a boost from Baird.

Analysts Peter Benedict upgraded the stock to outperform from neutral with a Street-high price target of $20, up from $13, according to StreetInsider. The shares are currently trading around $13.82.

Shares are down 19% in 2020.

"Retail turnarounds are tricky, but we are intrigued by the potential at BBBY. Sales appear to be stabilizing, and our channel checks suggest real change is setting in across the organization," Benedict said.

Corporate restructuring, planned store optimization and product sourcing improvement efforts, and a variety of customer-facing initiatives set the stage for a potentially material earnings recovery over the next few years, the analysts said.

Benedict is one of three buy ratings. The company has six holds and four sells, and an average price target of $10.

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