Morgan Stanley Cuts Bob’s Discount Furniture (NYSE:BOBS) Price Target to $23.00

Bob’s Discount Furniture (NYSE:BOBS) had its price objective lowered by Morgan Stanley from $25.50 to $23.00 in a report released on Wednesday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Other equities research analysts have also recently issued reports about the stock. KeyCorp started coverage on shares of Bob’s Discount Furniture in a report on Monday, March 2nd. They issued an “overweight” rating and a $28.00 target price for the company. DA Davidson lowered their price target on Bob’s Discount Furniture from $26.00 to $24.00 and set a “buy” rating on the stock in a report on Wednesday. The Goldman Sachs Group initiated coverage on Bob’s Discount Furniture in a research report on Monday, March 2nd. They issued a “neutral” rating and a $25.00 price target on the stock. JPMorgan Chase & Co. initiated coverage on Bob’s Discount Furniture in a research note on Monday, March 2nd. They set an “overweight” rating and a $29.00 price objective for the company. Finally, Robert W. Baird decreased their price objective on Bob’s Discount Furniture from $22.00 to $16.00 and set a “neutral” rating for the company in a research report on Wednesday. Ten equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, Bob’s Discount Furniture currently has an average rating of “Moderate Buy” and an average price target of $25.00.

Bob’s Discount Furniture Price Performance

Shares of BOBS opened at $12.49 on Wednesday. Bob’s Discount Furniture has a 12-month low of $12.36 and a 12-month high of $23.49.

Bob’s Discount Furniture (NYSE:BOBS) last released its quarterly earnings results on Tuesday, March 17th. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.11 by $0.24. The business had revenue of $648.83 million during the quarter, compared to analysts’ expectations of $647.49 million. The firm’s revenue for the quarter was up 8.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.36 EPS.

Insider Buying and Selling at Bob’s Discount Furniture

In other news, Director Jennifer Lynn Davis sold 2,917,500 shares of Bob’s Discount Furniture stock in a transaction dated Friday, February 13th. The shares were sold at an average price of $15.94, for a total value of $46,504,950.00. Following the sale, the director owned 95,370,751 shares of the company’s stock, valued at $1,520,209,770.94. The trade was a 2.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John Thomas Kilgallon sold 2,917,500 shares of the business’s stock in a transaction dated Friday, February 13th. The stock was sold at an average price of $15.94, for a total transaction of $46,504,950.00. Following the transaction, the director owned 95,370,751 shares in the company, valued at approximately $1,520,209,770.94. This trade represents a 2.97% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 3.20% of the stock is currently owned by company insiders.

Bob’s Discount Furniture Company Profile

Bob’s Discount Furniture (NYSE: BOBS) is a U.S.-based specialty retailer of residential furniture and home furnishings. The company operates a network of company-owned showrooms alongside an e-commerce platform to sell living room, bedroom and dining furniture, mattresses, home office pieces, and decorative accessories. Its merchandising and marketing emphasize value-oriented pricing and broad selection across mainstream categories.

In addition to merchandise sales, Bob’s Discount Furniture offers services commonly associated with full-service furniture retail, including delivery, white-glove setup in some markets, and consumer financing options.