NASDAQ:BBBY fell by 1.6% during Friday’s trading session.
A Raymond James analyst reiterates an Underperform rating for the stock.
There seems little hope for a near-term turnaround for Bed Bath & Beyond.
Bed Bath & Beyond (BBBY) closed out a horrendous week of trading following yet another disappointing earnings report on Thursday. On Friday, shares of BBBY dropped lower by 1.6% and closed the month of September at a price of $6.09. All three major indices plunged further on Friday as stocks closed out their worst overall month since March of 2020. It was also the worst September for Wall Street since 2002 as the S&P 500 slumped to a new low price for 2022. Overall, the Dow Jones lost 500 basis points, while the S&P 500 and the NASDAQ both fell by 1.5% during the session.
BBBY stock price
Not that there has been much in the way of positive news for Bed Bath & Beyond of late, but a Wall Street analyst provided a bearish note on Friday. Raymond James analyst Bobby Griffin reiterated his Underperform rating for the stock. Griffin cited that changing customer spending habits could impact Bed Bath & Beyond even further, and that its improved liquidity situation only "kicks the can further down the road". Griffin is not the only analyst that is bearish on the stock, as 9 of the 12 analysts who cover the stock have a Sell rating, according to TipRanks.
There does not seem to be much hope for Bed Bath & Beyond for the near future. The company did note an improved inventory situation for 2023, and it did reiterate guidance for next year. Still with a looming recession and a massive cash burn, BBBY has a long road ahead of it if it ever hopes to recover.
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