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$BBBY

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Wire

Update: Wedbush Raises Price Target on Bed Bath & Beyond to $10 From $8, Keeps Outperform Rating

(Updated to include Wedbush commentary)Wedbush raised its price target on Bed Bath & Beyond (BBBY) to $10 from $8, noting that the company is in a misunderstood special situation going through a strategic transformation.Under Chairman and Chief Executive Marcus Lemonis, Bed Bath & Beyond is building a multi-pillar "Everything Home" platform across omnichannel retail, home services, and residential real estate, analysts Michael Piccolo and Ygal Arounian wrote in a Tuesday note.The market continues to price the company as a declining e-commerce operator, ignoring a credible path to an annualized revenue run rate of around $3 billion, along with meaningful cross-pillar synergies, gross margin expansion, and multi-year operating leverage, the analysts mentioned.While being cautious that execution risk is real and should not be minimized, the brokerage mentioned that the stock is trading at a significant discount to intrinsic value and sees upside potential.Bed Bath & Beyond has an average rating of overweight and mean price target of $10.33, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $6.44, Change: $+0.61, Percent Change: +10.46%

$BBBY
Wire

Bed Bath & Beyond Misunderstood, Trading at Significant Discount, Wedbush Says

Bed Bath & Beyond (BBBY) is a misunderstood business undergoing a strategic transformation and trading at a significant discount to its intrinsic value, Wedbush Securities said Tuesday in a note to clients.The market continues to price Bed Bath & Beyond as a declining e-commerce operator, while overlooking its potential to reach a $3 billion annualized revenue run rate, generate meaningful cross-pillar synergies, expand gross margins, and achieve multi-year operating leverage, according to the note.The company is assembling a multi-pillar "Everything Home" platform across omnichannel retail, home services, and residential real estate, which serves homeowners across the full home lifecycle, the note added.Bed Bath & Beyond has also invested in a blockchain asset portfolio, anchored by a majority stake in tZERO, a vertically integrated, fully regulated digital securities infrastructure stack, the brokerage said.Wedbush assumed coverage of Bed Bath & Beyond with an outperform rating and raised the price target to $10 from $8.Shares of Bed Bath & Beyond rose nearly 10% in Tuesday trading.Price: $6.44, Change: $+0.61, Percent Change: +10.38%

$BBBY
Sectors

Sector Update: Consumer Stocks Lean Lower Premarket Wednesday

Consumer stocks were leaning lower premarket Wednesday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) down 0.6% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) 0.1% lower.La-Z-Boy (LZB) stock was up more than 17% after the company reported fiscal Q4 adjusted earnings and revenue that topped analysts' estimates, with adjusted EPS increasing year over year.CarMax (KMX) shares were down more than 1% after the company reported a decline in fiscal Q1 net income.Bed Bath & Beyond (BBBY) said it has agreed to acquire real estate services company Fathom Holdings (FTHM). Bed Bath & Beyond stock was down more than 3% premarket.

$BBBY$FTHM$KMX$LZB$XLP$XLY
Asia Markets

US Equity Futures Mostly Lower Pre-Bell Amid Continued Middle East Standoff, AI Spending Concerns

US equity futures were mostly lower pre-bell Tuesday as the US-Iran standoff continues with no end in sight, while concerns about heavy spending on data centers were brought into focus amid reports of OpenAI's missed targets.Dow Jones Industrial Average futures were 0.1% higher, S&P 500 futures were down 0.8%, and Nasdaq futures were 1.4% lower.President Donald Trump was unhappy with Iran's latest proposal to end the Middle East conflict, Reuters reported, citing a US official. Iran had proposed to reopen the Strait of Hormuz by deferring nuclear talks to a later date, while Trump wants nuclear issues dealt with from the outset.Microsoft-backed (MSFT) OpenAI recently missed internal targets for new users and revenue, raising concerns among company leaders about being able to support its massive spending on data centers, according to a Wall Street Journal report that cited sources familiar with the matter.Traders digested the latest round of earnings. Coca-Cola (KO) reported higher Q1 adjusted earnings and revenue, while Novartis (NVS) posted a decline in Q1 core earnings and net sales.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 2.5% at $104.21 per barrel and US West Texas Intermediate crude 3.6% higher at $99.84 per barrel.The February S&P Case-Shiller home price index, scheduled for release at 9 am ET, is expected to show a 0.2% gain following a similar increase in the preceding month, according to estimates compiled by Bloomberg.The April consumer confidence index, due at 10 am ET, is projected to fall to 89.0 from 91.8.In other world markets, Japan's Nikkei closed 1% lower, Hong Kong's Hang Seng ended 1% lower, and China's Shanghai Composite finished 0.2% lower. Meanwhile, the UK's FTSE 100 was down 0.1%, and Germany's DAX index was 0.5% lower in Europe's early afternoon session.In equities, Microsoft, which is OpenAI's biggest investor, and Oracle (ORCL), which relies on the ChatGPT creator for its cloud computing plans, saw their shares decline 1.3% and 7.6%, respectively. Novartis stock was down 1.4% after the company released its Q1 financial results.On the winning side, Eni (E) stock was up 2.7% after the European energy firm and Repsol said they are planning to boost output at Venezuela's Cardon IV offshore gas field, according to a Reuters report. Bed Bath & Beyond (BBBY) shares were up 29% after the company reported a narrower Q1 adjusted loss and higher revenue. Coca-Cola stock was up 3% after the company published its Q1 financial results.

Dow JonesNasdaq CompositeS&P 500$BBBY$E$KO$MSFT$NVS$ORCL
Wire

Bed Bath & Beyond Partners With Bilt on Customer Loyalty, Engagement Platform

Bed Bath & Beyond (BBBY) and Bilt agreed on a strategic partnership that will allow the retailer to use Bilt's customer loyalty and engagement platform, the companies said Monday.As part of the partnership, Bilt's guest experience platform will operate as a "shared intelligence" platform across Bed Bath & Beyond's brands and will be integrated with the company's commerce and operating systems, the partners said.Bed Bath & Beyond said the new tool will serve as an engagement, rewards, and loyalty platform for customers, and be a source of customer activity data for long-term value creation.No financial details were disclosed.Price: $5.66, Change: $+0.04, Percent Change: +0.80%

$BBBY
Wire

Bed Bath & Beyond Q1 Sees Upside Risk From Web Traffic Trends, Wedbush Says

Bed Bath & Beyond's (BBBY) Q1 print has more upside risk, supported by a positive trajectory in website data during the quarter and potential market share gains, Wedbush Securities said in a Friday note.The company is scheduled to report quarterly results Monday after market close.Wedbush said it expects Q1 revenue of $239 million, but sees upside to its estimate, citing positive web data trends driven by rising unique visitors and page views, which suggest market share gains.The company's efforts to improve earnings by eliminating unprofitable SKUs and reducing fixed costs should drive flow-through to any topline upside.The company is positioned to continue its pivot toward becoming a vertically integrated home services platform as it works to integrate recent acquisitions, with expected annualized cost savings and efficiencies of $40 million within 12 to 18 months of full integration, Wedbush added.The proper execution of the company's ancillary revenue streams could also expand its addressable market into higher-margin recurring software streams, according to the note.Wedbush reiterated its outperform rating on the stock and price target of $7 per share.Price: $5.63, Change: $+0.11, Percent Change: +1.99%

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Wire

Bed Bath & Beyond to Overhaul The Container Store Locations in Integration Push

Bed Bath & Beyond (BBBY) said Thursday that 98 The Container Store locations nationwide will be overhauled to prepare for a phased integration of its products.As part of the reset, The Container Store will liquidate approximately 30% of select categories and SKUs beginning Friday, April 24, to streamline assortments, improve space productivity, and create room for new products expected to arrive in phases later this year, the company said.Beginning in May, identified locations are expected to transition over the following months to The Container Store + Bed Bath & Beyond format, the company added.Shares of Bed Bath & Beyond were down 3% in early Thursday trading.Price: $5.81, Change: $-0.18, Percent Change: -3.01%

$BBBY

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