Oppenheimer Remains a Hold on Bed Bath & Beyond

By Ryan Adsit

Oppenheimer analyst Brian Nagel reiterated a Hold rating on Bed Bath & Beyond (NASDAQ: BBBY) today. The company’s shares closed yesterday at $33.74, close to its 52-week low of $33.40.

Nagel wrote:

“We view the weaker than expected Q1 (May) results that Bed Bath & Beyond (BBBY) announced after the close on Thurs., June 22nd, as another indication that the once dominant retail chain continues to struggle mightily amid a shifting sector landscape. Reported EPS of $0.53 declined over 30% and tracked shy of a $0.66 Street figure. Comp sales declined a disappointing 2%. As we have written in the past, we remain optimistic that BBBY will eventually successfully tweak its model, so as to compete more effectively in an omni-channel world. The pace of investment at the company has stepped up lately. Clear signals of success are, however, scarce.”

According to TipRanks.com, Nagel is a 1-star analyst with an average return of -0.3% and a 45.8% success rate. Nagel covers the Services sector, focusing on stocks such as Restoration Hardware Holdings Inc, Lululemon Athletica Inc, and Dick’s Sporting Goods.

Currently, the analyst consensus on Bed Bath & Beyond is Hold and the average price target is $41, representing a 21.5% upside.

In a report issued on June 19, Robert W. Baird also reiterated a Hold rating on the stock.

The company has a one year high of $48.83 and a one year low of $33.40. Currently, Bed Bath & Beyond has an average volume of 2.72M.

Based on the recent corporate insider activity of 35 insiders, corporate insider sentiment is neutral on the stock. Last month, Steven Temares, the CEO of BBBY sold 96,109 shares for a total of $3,591,665.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Bed Bath & Beyond, Inc. is a chain of retail stores, which engages in the sale of wide assortment of domestic merchandise. The company and its subsidiaries operates under the names Bed Bath & Beyond, Christmas Tree Shops, Christmas Tree Shops andThat!, Harmon or Harmon Face Values, buybuy BABY, and World Market, Cost Plus World Market or Cost Plus. It sells sells a wide variety of domestic merchandise and home furnishings. The domestics merchandise includes categories such as bed linens and related items, bath items, and kitchen textiles. The home furnishings include categories such as kitchen and tabletop items, fine tabletop, basic house wares, general home furnishings, consumables, and certain juvenile products. The company was founded by Warren Eisenberg and Leonard Feinstein in 1971 and is headquartered in Union, NJ.,000CPT-E