Shares of Bed Bath & Beyond (NASDAQ:BBBY) plunged in today’s trading session, as the stock is down roughly 45% at the time of writing. This is despite the fact that the company is expected to raise up to approximately $1 billion in an attempt to survive.
However, Seth Basham from Wedbush isn’t optimistic about the move. Indeed, he has slashed his price target from $1 to $0. Since Bed Bath & Beyond is still likely to file for bankruptcy, equity holders will almost surely be wiped out.
Overall, Wall Street is in accordance with its views on BBBY stock, as all analysts with coverage in the past three months have assigned Sell ratings. Indeed, the consensus price target of $1.36 implies over 56% downside risk.
