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Bullish Thesis on Bed Bath & Beyond (BBBY) Intact Despite In-Line Q1 - Nomura

June 27, 2013 7:47 AM EDT
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Price: $0.08 --0%

Rating Summary:
    4 Buy, 17 Hold, 14 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 13 | Down: 11 | New: 11
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Nomura Securities analyst Aram Rubinson reiterated a Buy rating and raised his price target on Bed Bath & Beyond (NASDAQ: BBBY) from $80 to $82 following in-line Q1 results.

"Our positive thesis on BBBY remains intact, even if FQ1 fails to catalyze the shares," Rubinson said. "While results were good, our operating assumptions are slightly lower owing to more SG&A. In all, we hold our C2013 EPS estimate thanks to a lower tax rate assumption ($0.10). We think BBBY offers investors a combination of improving comp growth, capital return and optionality when it comes to the $1bn of net cash on the balance sheet."

The firm maintained FY 2013 EPS estimates of $5.25 and FY 2014 EPS was trimmed from $5.90 to $5.83.

For an analyst ratings summary and ratings history on Bed Bath & Beyond click here. For more ratings news on Bed Bath & Beyond click here.

Shares of Bed Bath & Beyond closed at $70.00 yesterday.


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