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Bank of America says it's safe to buy Bed Bath & Beyond again after meme rally fades

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People wearing face masks walk past the Bed Bath & Beyond store in New York City.
John Nacion | SOPA Images | LightRocket | Getty Images

Investors can feel comfortable buying Bed Bath & Beyond again now that Reddit traders appear to have left the stock behind, according to Bank of America.

The stock was one of several caught up in the renewed meme stock rally earlier this month, seeing its share price and volatility increase dramatically. The stock has now dropped more than 33% since June 2.

Analyst Curtis Nagle reinstated a buy rating for the retail stock, saying that the meme rally appears to be over for Bed Bath & Beyond. Nagle had moved the stock to no rating three weeks ago, saying that shares were too disconnected from fundamentals.

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