Baird analyst Peter Benedict upgraded Bed Bath & Beyond to Outperform from Neutral with a price target of $20, up from $13. The analyst is “intrigued” by the company’s turnaround potential. Bed Bath & Beyond’ sales appear to be stabilizing, and channel checks suggest “real change is setting in across the organization,” Benedict tells investors in a research note. Going forward, corporate restructuring, planned store optimization and customer-facing initiatives set the stage for a “potentially material” EBITDA recovery over the next few years, says the analyst. With investor skepticism high given the stock’s 58% short interest, Benedict feels “it’s worth taking a shot” in Bed Bath & Beyond.