Analyst: Bed Bath & Beyond Has a 32% Downside as COVID-19 "Nesting" Tapers Off
Home retailer Bed Bath & Beyond Inc. (NASDAQ: BBBY) got a sharp downgrade from KeyBanc today, with the new price target of $24 representing a 32% downside from its share value at market open. KeyBanc also dropped the company from sector weight to underweight, though it explains these changes aren't because of executive or strategic failings but result from factors largely outside the retailer's control, MarketWatch reports.
One of these factors causing Bed Bath & Beyond to be currently overvalued, according to KeyBanc, is the massive boost to GameStop (NYSE: GME) shares caused by WallStreetBets redditors buying up huge quantities of the stock. Other companies have been caught up in the short squeeze, including Bed Bath & Beyond, which also has considerable short interest.
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Source Fool.com
