Bed Bath & Beyond Shares Up 1.5% As Canaccord Upgrades To Buy

MarketWatch Pulse

Bed Bath & Beyond stock climbed 1.5% in early trade Friday, after Canaccord Genuity upgraded it to buy from hold and said it expects the momentum from a strong holiday season to be sustained into 2015. "Our store visits and surveys suggest the company turned in a strong showing over the holiday season," analyst Laura Champine wrote in a note. "We expect SSS (same-store sales) momentum will continue through the remainder of FY14 and into FY15, especially as we now believe e-commerce has reached double-digit penetration, versus our prior low-single-digit forecast." Shares have gained about 18% in the last three months, outperforming the S&P 500's 6% gain.

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