Shares of domestic retail chain Bed Bath & Beyond Inc. (BBBY) declined 5.3% on Monday after the company announced the launch of its contemporary home décor line, Studio 3B. The stock, however, pared its losses slightly to close at $15.79 in the extended trading session.
The curated collection of offerings includes décor, bedding, bath and accent furniture. The assortment, which is available both online and offline through in-store or curbside pickup, is based on a mid-century modern design pattern called Japandi, which has flexible functionality at its core.
Notably, to popularize the line, the company will host “Studio Sessions” from October 6 on Instagram and TikTok to show customers how easy and affordable modern design can be.
The Chief Merchandising Officer at Bed Bath & Beyond, Joe Hartsig, said, “Studio 3B allows home decorators to easily attain a modern aesthetic that feels inviting and thoughtfully designed. We’ve seen increasing customer demand for more approachably modern product collections. Studio 3B fills that need, delivering a contemporary, yet accessible assortment that helps elevate any home.” (See Bed Bath & Beyond stock chart on TipRanks)
On October 4, Morgan Stanley analyst Simeon Gutman reiterated a Hold rating on the stock. The analyst, however, lowered the price target from $27 to $18, which implies upside potential of 14.7%.
Consensus among analysts is a Hold based on 2 Buys, 5 Holds and 3 Sells. The average Bed Bath & Beyond price target of $18.78 implies upside potential of 19.6% from current levels. Shares have declined 23.4% over the past year.
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