Daily Recap: BBBY, EPC, SMHI, HCAT, FMC, VEEV

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Daily Recap: BBBY, EPC, SMHI, HCAT, FMC, VEEV

Quick Note

June 23, 2026 SPECIAL SITUATIONS

Analysts

Michael Piccolo

212-668-9863 Bed Bath & Beyond, Inc. (BBBY - $5.83)michael.piccolo@wedbush.com

Mike Piccolo is assuming coverage of Bed Bath & Beyond with an OUTPERFORM

rating and a $10 per-share price target, representing about +67% upside from

current levels. In our view, BBBY is a misunderstood special situation going

through a strategic transformation and is trading at a significant discount to

intrinsic value. Under Chairman & CEO Marcus Lemonis, BBBY is assembling a

multipillar "Everything Home" platform across omnichannel retail, home services,

and residential real estate. The market continues to price BBBY as a declining

ecommerce operator while ignoring a credible path to a ~$3 billion annualized

revenue run rate, meaningful cross-pillar synergies, gross margin expansion, and

multi-year operating leverage. At about 0.2x FY'28E pro-forma revenue (<4x FY'28

EV/EBITDA), or a greater than 50% discount to peer medians, the valuation does

not remotely reflect the platform's long-term earnings potential. The strategic

architecture is differentiated and purpose-built around serving the homeowner

across the full home lifecycle. Pillar One (Omnichannel Retail & Commerce) builds

the customer relationship and data density through Bed Bath & Beyond, Overstock,

buybuy BABY, Kirkland's Home, and The Container Store. Pillar Two (Financial

Services) monetizes that relationship through warranties, insurance, tokenized real

estate finance, and the full residential brokerage, mortgage, and title capabilities

being added through the pending Fathom acquisition. Pillar Three (Home Services)

brings the platform physically into the home through installation, renovation,