Barclays Defends Bed Bath & Beyond (BBBY); Q1 Tops; CPWM Acquisition A Source of Upside; Remains Top Pick

Barclays reiterates an 'Overweight' on Bed Bath & Beyond (NASDAQ: BBBY) price target of $76.00.

Analyst, Alan M. Rifkin, said, "The company beat our $0.83 1Q EPS estimate as well as company guidance of $0.79 - $0.83...Despite the lower-than-expected comp, we continue to believe that Bed Bath's core operations are performing well and expect the company to continue to benefit from its relatively defensive, lower-ticket operating position. While we expect Bed Bath shares to underperform tomorrow, the Bed Bath story, in our view, remains very much intact."

Barclays maintains 2012 EPS estimate of $4.70, FY13 EPS of $5.29 and FY14 EPS estimate of $6.11 (estimates include accretion from the Cost Plus acquisition)

Bottom line: BBBY Remains A Barclays Top Pick

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 $73.67 yesterday.

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