UPDATE: Goldman Sachs Reiterates Neutral Rating, Raises PT on Bed Bath & Beyond

In a report published Wednesday, Goldman Sachs Group reiterated its Neutral rating on Bed Bath & Beyond

, and raised its price target from $74.00 to $77.00. Goldman Sachs noted, “We see a constructive short-term set-up as we approach BBBY's 2Q2012 results on 9/19. For the quarter, we view both guidance and consensus as conservative, as sales guidance calls for steepening share losses, and imply a tougher margin performance than BBBY posted in a difficult 1Q. And, for the year, we see potential for nearly $0.10 of upside to consensus, based on accretion associated with the Cost Plus acquisition; we raise forecasts to embed accretion from the deal (our comments exclude transaction and integration costs, which will weigh on nominal 2Q results).” Bed Bath & Beyond closed on Tuesday at $68.39.