Why Bed Bath & Beyond Stock Dived by 9% Today
On a lousy day for the stock market, Bed Bath & Beyond (NASDAQ: BBBY) stock fared even worse. The home goods retailer saw its shares decline by over 9% Tuesday, on the back of a price target cut from a prominent investment bank.
Before market open, Morgan Stanley analyst Simeon Gutman trimmed said price target on the stock, from $12 per share to $11. That doesn't change his outlook on its prospects -- he's maintaining his equal weight (neutral) recommendation. On Tuesday, the company's stock fell to just over $14 per share.
Image source: Getty Images.
Source Fool.com
