CNBC's Michael Bloom contributed to this report. Gutman also downgraded Wayfair to underweight from equal weight, citing tough comparisons for the home furnishings company in the coming quarters. That new target is nearly 17% below where the stock closed Wednesday. Morgan Stanley cut its price target on Bed Bath & Beyond to $12 per share from $18 per share. "While our ~3.5x target multiple is towards the lower end of this range and BBBY's balance sheet remains healthy (~$1b in cash as of Q2'21), we think there is valuation downside in a negative comp backdrop, especially as it would inhibit the path to EBITDA growth (which is key to the bull case)," the note said. Even with that recent weakness, the stock still has further to fall, according to Morgan Stanley. Shares are now down more than 18% for the year. Bed Bath & Beyond shares slipped 49 to 3. 30, after the company cut its guidance for revenue and earnings. The retailer said early Tuesday it hopes to raise more than 1 billion via new stock offerings as the company burns cash and struggles to pay back debt. However, the stock dropped more than 20% on Sept. Bed Bath & Beyond was a favorite of social media traders earlier this year, and the stock jumped a dizzying 62% on June 2. These estimates are well below BBBY's '23 EBITDA goal of $850m-$1b, which we think is at risk as margin pressures mount and market share losses widen," the note said. "The crux of our downgrade is we now expect below consensus revenue in each of the next two years. Analyst Simeon Gutman downgraded the stock to underweight from equal weight, saying Thursday in a note to clients that the company would likely miss estimates over the next two years. Shares of Bed Bath & Beyond could be in for a rough landing as their meme stock momentum fades, according to Morgan Stanley. Personal Loans for 670 Credit Score or Lower Its an omni-channel retailer, offering top-quality and. Personal Loans for 580 Credit Score or Lower is a leading operator of specialty retail stores in the U.S. Best Debt Consolidation Loans for Bad Credit
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