Wedbush Downgrades Cost Plus (CPWM) to Neutral; To Infinity & Beyond

May 10, 2012 8:26 AM EDT
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Price: $22.00 --0%

Rating Summary:
    1 Buy, 4 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Wedbush downgraded Cost Plus (NASDAQ: CPWM) from Outperform to Neutral with a price target of $22.00.

Analyst, Joan Storms, said, "The companies have reached a definitive agreement for Bed Bath & Beyond (Nasdaq: BBBY) to acquire Cost Plus for $22/share, or $495 million. The boards of both companies unanimously approved the deal, and a special committee of Cost Plus recommended the transaction. Since the acquisition is being made using available cash, the transaction is not subject to financing, and is expected to close during Bed Bath & Beyond’s fiscal second quarter."

"We believe Cost Plus will continue to operate as a stand-alone concept for
the foreseeable future, and expect to see increased cross-merchandising."

For an analyst ratings summary and ratings history on Cost Plus click here. For more ratings news on Cost Plus click here.

Shares of Cost Plus closed at $21.93 yesterday.

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