Is Bed Bath & Beyond Stock Set to Double?
Bed Bath & Beyond (NASDAQ: BBBY) investors just can't catch a break.
After years of underperformance, shares hit a four-year high in January -- the result of a rally that looked like a vote of confidence in CEO Mark Tritton's turnaround plan. Then, on April 14, shares tumbled to the tune of 12% in response to its fiscal 2020 fourth-quarter results. The bottom line topped estimates, but sales of $2.62 billion fell just short of expectations and were well below the year-ago figure of $3.11 billion. Shares are down 15% in the past week, taking a bite out of the rebound.
Don't panic. In fact, that recent weakness is ultimately an opportunity to step into an impressive turnaround at a great price. A doubling of the stock's current price in the foreseeable future isn't out of the question.
Source Fool.com
