UPDATE: J.P. Morgan Raises PT on Bed Bath & Beyond to $62

J.P. Morgan is out with its report today on Bed Bath & Beyond (NASDAQ: BBBY), raising its PT from $59 to $62.

In a note to clients, J.P. Morgan writes, "We are raising our December 2011 price target to $62 from $59 based on ~15x and 13x our 2011 and 2012 EPS forecasts, respectively. This equates to roughly 7.5x and 7x EV/EBITDA on the same basis. These multiples are modestly below historical one-and-two year averages. We believe a modest discount is warranted given the company's lower growth profile and concerns cited above. Our increased price target reflects our 2010 earnings estimate which is being raised from $3.60 to $3.80."

At the time of posting, shares of BBBY were trading pre-market at $55.35, up 2.39% from Wednesday's close.