The Ratings Game: Bed Bath & Beyond upgraded twice, shares soar after investor activism revealed

Bed Bath & Beyond Inc. was upgraded at least twice after a report that activist investors are preparing a proxy fight to replace the entire 12-person board.

The three activist groups – Legion Partners Asset Management LLC, Macellum Advisors GP LLC and Ancora Advisors LLC – own about 5% of the struggling home retailer.

According to The Wall Street Journal, the investors want Bed Bath & Beyond BBBY, +20.48% to improve the assortment and consider selling two of its chains, Buy Buy Baby and Cost Plus World Market, in order to focus on the primary business.

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