Bed Bath & Beyond soars after Citron Research promotes
Nov. 05, 2021 12:38 PM ETBed Bath & Beyond Inc. (BBBY)RHBy: Joshua Fineman, SA News Editor14 Comments
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- Bed Bath & Beyond (NASDAQ:BBBY) jumped 14% after Citron Research said the company may have upside to $50 to $70/share.
- Citron compares BBBY's recent buyback announcement to RH (NYSE:RH) and its buyback authorization in May 2017.
- "The last time we saw a buyback this aggressive and bullish was from Citron favorite RH when the co. announced a $700 million buyback authorization in May 2017 when the stock was trading at $52," Citron wrote in a post. RH stock currently trades at about $660.
- Citron applies a 5x EBITDA multiple on 2024 EBITDA of $800M to $1B to arrive at a price target of $50 to $70.
- Bed Bath short interest is 28%.
- Earlier this week, Bed, Bath & Beyond CEO: Kroger deal about both growth and authority.