Bed Bath surges after it names new CEO

Bloomberg

Bed Bath & Beyond Inc shares soared after the company named Target Corp’s head merchant Mark Tritton as its new chief executive officer.
Analysts were broadly encouraged by the announcement given Tritton’s successful tenure at Target.
Loop Capital’s Anthony Chukumba cited the new CEO’s “retail/consumer pedigree” and merchandising and private label development “experience and expertise.”
Morgan Stanley’s Simeon Gutman said he was surprised by the appointment since Tritton is more well-known than other names investors had speculated were potential considerations. Tritton wasn’t on the radar, he said. The appointment earned the stock an upgrade at Telsey Advisory Group.
Analysts also cautioned that a Bed Bath & Beyond turnaround won’t be easy since there’s little room for error following a long period of sales erosion. The stock climbed 26%, the biggest intraday advance since March.