Bed Bath & Beyond stock is jumping more than 6% early Thursday, after an upgrade from Robert W. Baird. The firm argues there are reasons to be optimistic about the home goods retailer’s turnaround, and a contrarian view could pay off for a company that investors aren’t expecting much good news from.
He points to stabilizing sales, as well as his research showing that true change is taking place at the company, thanks to new management. With a planned restructuring, improved product sourcing, and increased private brands on tap, he thinks there could be a significant recovery in profits in coming years. That could be especially helpful to the stock, given how many investors are still bearish on Bed Bath’s prospects.
He likes that the company has invested more in customer service and improved omnichannel options . Moreover, with the potential for a favorable update about its long-term strategy, Griffin thinks Bed Bath has a favorable setup going into its fiscal second-quarter earnings and investor day . Benedict and Griffin aren’t the only analysts warming up to Bed Bath. In addition to its turnaround efforts, Bed Bath has macro tailwinds on its side. People are spending more on their homes as they spend more time there—a trend that has benefited other home-focused retailers.
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