'Bed Bath's been punished enough. Now that they've got a competent CEO, better than that, a great CEO coming in, I'm betting the stock could have a lot more upside,' Jim Cramer says.
"Bed Bath wants to make itself relevant again and he's the guy to do it," Cramer argued., Tritton played a crucial role in making shopping seamless for customers whether they were in store or online.
"Other than Amazon, Target's been Bed Bath's worst enemy," Cramer said. "But now they've got one of Target's best executives running the show." "I think the fundamentals are better than most people seem to appreciate. There were some genuine positives in that last quarter," Cramer said, pointing to earnings of $.34 per share,Bed Bath & Beyond is selling at 6.4 times this year's earnings, which Cramer said is a good bargain if you believe the company will come close to beating expectations.
Cramer said he also is pleased by what he heard on Bed Bath & Beyond's conference call — specifically, how it has saved hundreds of millions of dollars by improving its sourcing model and its plans to sell off smaller business units and real estate to raise cash.
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