UPDATE: Oppenheimer Upgrades Bed Bath & Beyond to Outperform on Rebounding Trends

Oppenheimer upgraded Bed Bath & Beyond BBBY from Perform to Outperform and raised the price target from $67.00 to $71.00. Oppenheimer commented, "Bed Bath & Beyond represents one of the best-run companies in Hardlines Retail. In our view, sales and EPS weakness at BBBY lately reflects primarily transitory issues and, to a certain extent, the effects of recent, aggressive internal investments and not structural shortcomings. BBBY is not out of the woods yet. We are, however, increasingly optimistic that trends at BBBY could rebound meaningfully in coming quarters. Shares are now trading at levels consistent with recent troughs and we believe marking a bottom. Indications of strengthening top- and bottom-line trends should undermine concerns that currently weigh on BBBY and facilitate a renewed flow of funds into shares." Bed Bath & Beyond closed at $56.52 on Wednesday.