US home furnishing giant BedBath&Beyond is under great pressure! It is forced to shorten its business hours to reduce costs

Analysts are cutting their price targets for Bed Bath & Beyond (3B) ahead of first-quarter results due on June 29. Bed Bath & Beyond Inc is closing some of its stores to save costs, according to Bank of America analysts.

Other measures 3B is taking include shortening store hours, moving opening hours from 11 a.m. to 10 a.m., reducing worker hours and canceling or postponing store remodels.

Bed Bath & Beyond (BBBY) is scheduled to report first-quarter results on June 29. Analysts noted that during its last earnings call, Bed Bath & Beyond said comparable metrics were down about 20% so far in the quarter.

"Bed Bath & Beyond's liquidity could dry up faster if results deteriorate faster than expected, management does not cut capital spending, or suppliers shorten payables terms," ​​the analysts said.

Bank of America downgraded Bed Bath & Beyond stock to $3 from $8, with a price target below the broader market. Bank of America was one of at least three research firms to cut its price target for Bed Bath & Beyond. UBS cut its price target to $5 from $12 and maintained a sell rating on the stock.

Bed Bath & Beyond's stock has fallen nearly 68% over the past three months and was trading at $7.09 Thursday afternoon.

Editor✎ Ashley/

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