Barclays Maintains an 'Overweight' on Bed Bath & Beyond (BBBY); 2Q Exceeds; Raising Our Above-Consensus Estimates Further

Barclays maintains an 'Overweight' on Bed Bath & Beyond (NASDAQ: BBBY) price target of $70.00.

Barclays analyst says, "BBBY Remains one of our Top Picks: BBBY's strong comp of 5.6% vs 7.4% further underscores the company's position as one of the most consistent U.S. Hardlines Retailers. BBBY's consistency in execution and outperformance regardless of the economic environment, coupled with management's merchandising focus and strict expense discipline, are very impressive traits and, in our opinion, warrant a premium multiple."

"Due to the strength in 2Q, management raised 2011 guidance from $3.53-$3.68 to $3.75-$3.84. Despite having a 2011 EPS estimate that was $0.05 above the Street and a 2012 EPS estimate that was $0.11 above the Street prior to today, we are raising our estimates given our greater conviction in BBBY. Our 2011 EPS increases from $3.73 to $3.90 and our 2012 EPS estimate increases from $4.35 to $4.50. Additionally, we are raising our 2011 comps estimate from 5.5% to 5.8% and our 2012 comps estimate from 4.0% to 5.0%."

For more ratings news on Bed Bath and Beyond click here and for the rating history of Bed Bath and Beyond click here.

Shares of Bed Bath and Beyond closed at $57.48 yesterday.

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