Last Thursday, Oppenheimer upgraded shares of Bed Bath & Beyond to Outperform, with a price target of $71. The stock took off, and traded to a high of $59.95 on Friday before giving back 2.1% yesterday.
But one option trader used the profit-taking to buy calls. The biggest trade of the day was the purchase of 8126 March 62.5-strike calls for $0.41, which was done with the stock at $58.00. This is a bullish trade that will profit if BBBY is above $62.91 (8.5% higher) at March expiration.