Bed Bath & Beyond is getting crushed
Analysts downgrade the stock after the company misses earnings and cuts full-year guidance.
Gary Balter at Credit Suisse downgraded the stock to "neutral" from "outperform" and lowered his price target to $78 from $85.
Balter thinks the retailer is well-positioned but argues that "square footage growth is low at less than 2%, implying that growth needs to come from comps and margins.
"Yet putting aside a better second quarter, the company has struggled to put those two variables together. We assume that comps next year will be in the low- to mid-single-digit range, but gross margins will continue to decline, although at a lower rate. At this time last year that may have been fine given the attractive valuation, but BBBY's strong performance in 2013 implies limited upside for this well-managed chain."
Analysts at Canaccord Genuity lowered their price target to $73 from $84. And Oppenheimer lowered its price target to $86, according to 24/7 Wall Street.
The stock is said to have hit its short-sale circuit breaker. This is the point at which there is a ban on short-selling after a stock has dropped a certain amount.
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