UPDATE: Wedbush Raises PT on Bed Bath & Beyond on Q1 Sales Trends

In a report published on Friday, Wedbush analyst Joan Storms raised the price target on Bed Bath & Beyond (NASDAQ: BBBY) from $77 to $81 and reiterated an Outperform rating.

In the report, Wedbush stated, "On a longer-term basis, we believe BBBY is a solid growth story and should continue to benefit from industry dominance, good visibility for cross-merchandising opportunities (HBA, food), future growth potential for newer concepts, and strong balance sheet and cash flow. The company is investing aggressively in its new online platforms, which are expected to roll out during Q2, and is complementing these efforts with the roll-out of a new POS system to enhance multi-channel capabilities. Against easier comparisons in 2013, and accounting for adjustments, we believe valuation is attractive at these levels, especially versus peers trading at higher multiples."

Bed Bath & Beyond closed on Thursday at $69.88.