Beyond reinstated with a Buy at Needham

Needham analyst Bernie McTernan reinstated coverage of Beyond (BYON) with a Buy rating and $13 price target The firm calls the risk reward “intriguing with significant upside” in its bull case from Beyond being able to successfully stack Bed, Bath and Beyond, Overstock and Zulily on top of each other, “albeit all with highs and lows of standalone success,” the analyst tells investors. While admitting that the company has “lots of items on the punch list for management, all happening simultaneously,” which creates execution risk, the firm says it expects to learn more about the core operations for the three brands at the upcoming investor day later this week.