Bed Bath & Beyond price target lowered to $7 from $13 at Wedbush

Wedbush lowered the firm’s price target on Bed Bath & Beyond to $7 from $13 to reflect a more modest EV-to-EBITDA multiple of 8 times on 2027 EBITDA estimate, while keeping an Outperform rating on the shares. Looking at Q4 results, the firm sees more upside than downside risk to topline estimates with website data trending positively during the quarter – these positive trends have persisted thus far into Q1, giving Wedbush incremental optimism that the core business is finally inflecting positive.