Don’t be surprised if beaten-down retail stock Bed Bath & Beyond falls even more from here, according to KeyBanc Capital Markets. Analyst Bradley Thomas reiterated his underweight rating on shares, slashing his price target from $2 to 95% to 10 cents after the retailer pre-announced disappointing quarterly results and warned it could pursue bankruptcy protection . The new price target is down 94% from Thursday’s close and reflects concerns that “lenders are best positioned to realize value from assets like BuyByBaby,” Thomas wrote. Shares were down 10% before Friday’s bell. KeyBanc isn’t the only one turning more sour on the stock, which is down about 33% since the start of the new year. Bank of America said in a note to clients on Thursday that a successful turnaround is becoming less likely given the company’s troubled operating results. Meanwhile, Telsey Advisory Group suspended coverage, citing bankruptcy concerns and a lack of firm’s already low expectations for the retailer. “We do not see Bed Bath & Beyond as a strategic fit for any home goods retailers in our coverage group, but do see interest from retailers in the company’s Bed Bath & Beyond store leases, which are ~30,000 square feet and are generally in good locations,” wrote analyst Christina Fernandez in a Friday note. Looking forward, JPMorgan sees opportunities for both Target and Williams-Sonoma to take a share of Bed Bath & Beyond’s sales, which could boost 2023 EPS estimates by 1% and 3.6%, respectively, and drive comparable store sales. Could “Over the past few months, management has stopped the bleeding, improved liquidity, and improved relations with these two stakeholders,” wrote analyst Christopher Howers. “That said, macro and housing are deteriorating and we don’t think BBBY is out of the dark.” Shares of Bed Bath & Beyond have experienced a roller-coaster ride in recent years, as short traders on Reddit piled on the heavily lacking retailer. This led to a series of so-called meme stock rallies in 2021 and 2022. Those rallies never materialized, sending the stock down 17.9% in 2021 and 82.8% last year. — CNBC’s Michael Bloom contributed reporting