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Bed Bath & Beyond, Casper Sleep Sign National Partnership Agreement

Omnichannel retailer Bed Bath & Beyond (BBBY) and Casper Sleep (CSPR) have signed a national partnership agreement under which Casper’s products will be made available on Bed Bath & Beyond’s mobile application, website and at select stores.

Casper’s product portfolio includes sleep services, sleep technology, sleep accessories, bedroom furniture, duvets, sheets and pillows. Bed Bath & Beyond offers home furnishings and domestic merchandise via its retail stores. (See Bed Bath & Beyond stock chart on TipRanks)

As per the terms of the agreement, Casper will open a shop-in-shop at Bed Bath & Beyond’s flagship store in New York City, which is undergoing renovation, and is scheduled to reopen on July 22. The company plans to offer its Casper Cooling Collection at the outlet. (See Casper stock chart on TipRanks)

Apart from the flagship store, Bed Bath & Beyond’s outlets in Bridgewater, New Jersey, and New York City’s Tribeca neighborhood will also offer Casper in-person experience to customers. Over the coming months, Casper products will be made available at more Bed Bath & Beyond stores.

The EVP and Chief Merchandising Officer of Bed Bath & Beyond, Joe Hartsig, said, “We are pleased to strengthen our authority in the sleep category by forging this strategic partnership with Casper to make its exceptional and innovative suite of sleep solutions available to our customers.”

On July 13, Morgan Stanley analyst Simeon Gutman maintained a Hold rating on Bed Bath & Beyond with a price target of $27 (2.5% downside potential). The analyst expects the company to post a loss of $0.48 per share in the third quarter.

Overall, the stock has a Hold consensus based on 4 Buys, 8 Holds and 4 Sells. The average Bed Bath & Beyond price target of $31.69 implies 14.5% upside potential. Shares have gained 192.3% over the past year.

According to TipRanks’ Smart Score rating system, the company scores a 7 out of 10, suggesting that the stock is likely to perform in line with market averages.

On July 14, Goldman Sachs analyst Brooke Roach initiated coverage on Casper with a Sell rating and a price target of $7 (2.9% downside potential). The analyst expects the company to miss consensus sales expectations for 2021 and 2022.

Overall, the stock has a Hold consensus rating based on 3 Buys and 2 Sells. The average Casper Sleep price target of $10.20 implies 41.5% upside potential to current levels. The company’s shares have lost 9% over the past year.

According to TipRanks’ Smart Score rating system, the company scores a 6 out of 10, suggesting that the stock is likely to perform in line with market averages.

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