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    Home » KeyBanc says former meme stock Bed Bath & Beyond will fall to 10 cents after bankruptcy warning
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    KeyBanc says former meme stock Bed Bath & Beyond will fall to 10 cents after bankruptcy warning

    AdmincryptBy AdmincryptJanuary 6, 2023No Comments2 Mins Read
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    Don’t be surprised if beaten-down retail stock Bed Bath & Beyond falls even more from here, according to KeyBanc Capital Markets. Analyst Bradley Thomas reiterated his underweight rating on shares, slashing his price target by 95% to 10 cents from $2 after the retailer pre-announced disappointing quarterly results and warned that it could pursue bankruptcy protection. The new price target implies 94% downside from Thursday’s close and reflects concerns that “creditors are in the best position to realize value from assets such as buybuy BABY,” Thomas wrote. Shares were last down 10% before the bell Friday. KeyBanc isn’t the only one turning more sour on the stock, which is already down nearly 33% since the start of the new year. Bank of America said in a note to clients Thursday that a successful turnaround is becoming increasing unlikely given the company’s troublesome operating results. Meanwhile, Telsey Advisory Group suspended coverage, citing bankruptcy concerns and a miss of the firm’s already low expectations for the retailer. “We do not see Bed Bath & Beyond as a strategic fit for any of the home furnishings retailers in our coverage group, but see interest from retailers in the company’s Bed Bath & Beyond store leases, which are ~30,000 sq. ft. and generally in good locations,” wrote analyst Cristina Fernández in a Friday note. Looking ahead, JPMorgan sees opportunities for both Target and Williams-Sonoma to takeover a share of Bed Bath & Beyond’s sales, which could lift 2023 EPS estimates by 1% and 3.6%, respectively, and boost comparable stores sales. “Over the past few months, management has stemmed the bleeding, improved liquidity, and improved relations with these two stakeholders,” wrote analyst Christopher Horvers. “That said, the macro and housing are deteriorating and we don’t think BBBY is out of the dark.” Bed Bath & Beyond shares have experienced a roller-coaster ride in recent years, as smaller traders on Reddit piled into the heavily shorted retailer. This led to a series of so-called meme stock rallies in 2021 and 2022. Those rallies never materialized, with stock losing 17.9% in 2021 and a whopping 82.8% last year. — CNBC’s Michael Bloom contributed reporting



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