- Wedbush Securities analyst Seth Basham warns that shares of Bed Bath & Beyond (NASDAQ:BBBY) have gotten ahead of themselves.
- "Following an extraordinary two days of trading for BBBY, with a peak trading price of $46.95 +55% from its Friday close on Monday, January 25, and a closing price of $36.87 on Tuesday, January 26, +22% since Friday."
- The BBBY chart also tells the story.
- Basham and team are removing BBBY from Wedbush's Best Idea List and downgrading the rating to Neutral from Outperform.
- "We continue to see high potential for BBBY’s transformation, but believe the stock is ahead of itself and the sharp move higher is unsustainable."
- They see material progress in sales-driving initiatives evidenced and call the company’s 4Q20 and 2021 margin guidance is conservative, but that doesn't make up for the share price rocket ride
- The firm assigns a price target of $33 to Bed Bath & Beyond vs. the average Wall Street PT of $24.82.
- Also on Wall Street, Baird turned cautious on BBBY today with a downgrade to Neutral from Outperform.
- Ignoring Wall Street, shares of Bed Bath & Beyond are up 20.15% premarket to $44.26.
- What is going on with Bed Bath & Beyond? The saga of the attack on GameStop short sellers from Reddit users appears to related.
Bed Bath & Beyond soars 20% even as Wall Street analysts run for the hills
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