KeyBanc Cuts Bed Bath & Beyond (BBBY) to Underweight, Pier 1 Imports (PIR) and Haverty (HVT) to Sector Weight

KeyBanc downgraded Bed Bath & Beyond (NASDAQ: BBBY) from Sector Weight to Underweight with a price target of $35.. Pier 1 Imports (NYSE: PIR) and Haverty (NYSE: HVT) were downgraded to Sector Weight. Analyst Bradley B. Thomas expressed concerns about housing.

"Our work on housing (in conjunction with KBCM housing analyst Ken Zener) has us concerned about moderating tailwinds in our space. Moreover, our analysis on competition shows growing pressure from mass merchants and ecommerce. As such, we take a more cautious view on companies whose growth is predicated primarily on same-store sales. We are downgrading HVT and PIR to SW from OW. We are also downgrading BBBY, which we are most concerned with its continuing competitive challenges, to UW from SW (with a downside PT of $35)," said Thomas.

For an analyst ratings summary and ratings history on Bed Bath & Beyond click here. For more ratings news on Bed Bath & Beyond click here.

Shares of Bed Bath & Beyond closed at $44.06 yesterday.

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