UPDATE: Wedbush Raises PT on Bed Bath & Beyond to $63 (BBBY)

Wedbush is out with its report today on Bed Bath & Beyond (NASDAQ: BBBY), raising its price target from $58 to $63.

In a note to clients, Wedbush writes, "Raising our price target to $63 (from $58), which assumes BBBY should trade at 16x our revised 2011 EPS estimate of $3.48, plus nearly $8 per share in cash and equivalents. We assign a premium multiple to our projected longterm growth rate in the low to mid teens because we believe BBBY is a compelling story, and we expect a return to strong operating margins in the low to mid teens."

Wedbush reiterates Outperform on BBBY.

At the time of posting, shares of BBBY were trading pre-market at $54.45, up 10.24% from Wednesday's close.