UPDATE: Canaccord Downgrades Bed Bath & Beyond

According to a research report published this morning, Canaccord has downgraded Bed Bath & Beyond

from Buy to Hold. In the report, Canaccord said, "We calculate that BBBY's market share declined in Q4 for the first time this decade, and we expect a deceleration of top- and bottom-line growth in FY12 and beyond. We believe the company is vulnerable to market share losses given its meager online presence at 1%-2% of total sales. The consolidation of the company's ancillary support offices into its corporate headquarters presents a potential near-term disruption given headcount reduction within BBBY's strong merchandising group. We believe shares are fairly valued at 15x our FY12 EPS estimate and 8x FY12E EV/EBITDA." Canaccord maintains its $73 PT on Bed Bath & Beyond, which is currently trading at $69.41.