Wedbush Reiterates Outperform on Bed Bath & Beyond, Raises PT to $67

Wedbush reiterated its Outperform rating on Bed Bath & Beyond (NASDAQ: BBBY). At the same time, Wedbush raised its price target on the company's stock from $63 to $67.

In a research report published today, Wedbush states, "We reiterate our OUTPERFORM rating, as we believe the company should continue to benefit from industry consolidation, good visibility for cross- merchandising opportunities, future growth potential for newer concepts, and strong balance sheet and cash flow... Raising our price target to $67 (from $63), which assumes BBBY should trade at 16x our revised 2012 EPS estimate of $4.20, backed by nearly $8 per share in cash and equivalents."

On Wednesday, Bed Bath & Beyond finished the day at $54.06. Its shares added 1.7% to their value in today's pre-market trading, however, to trade around $54.98.