BofA says the bankruptcy of Bed Bath & Beyond (BBBY) and closure of its remaining 360 Bed Bath & Beyond and 120 buybuy Baby locations presents opportunities for off-price retailers Burlington (BURL), Ross Stores (ROST) and TJX (TJX) in terms of real estate, inventory, and market share. Off-pricers took over initial vacancies during the last year as Bed Bath closed 400 U.S. locations, notes the firm, which sees opportunity to capitalize on additional vacancies and closeout merchandise. "While one bankruptcy is not thesis-changing, competitors going out of business is one of the tenets of the off-price market share story that has been missing over the past few years," the firm added. BofA has Buy ratings on Burlington, Ross and TJX.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Published first on TheFly
See Insiders’ Hot Stocks on TipRanks >>
Read More on BURL:
- Burlington Stores call volume above normal and directionally bullish
- Burlington Stores put volume heavy and directionally bearish
- Burlington Stores upgraded to Buy at Loop Capital on improved value proposition
- Burlington Stores upgraded to Buy from Hold at Loop Capital
- Burlington Stores price target raised to $245 from $240 at JPMorgan