Wedbush cuts Bed Bath & Beyond target to 0c amid last effort to avoid bankruptcy

Wedbush analyst Seth Basham lowered the firm’s price target on Bed Bath & Beyond to 0c from $1 and keeps an Underperform rating on the shares. The firm notes Bed Bath & Beyond proposed a series of moves to generate additional liquidity, satisfy its defaulted loans/missed interest payments, and, most importantly, buy it more time. Unfortunately, Wedbush sees a low probability that the company will be able to raise equity and view this as a "last gasp" before filing for bankruptcy protection.