Oppenheimer Reiterates Outperform Rating, $71 PT on Bed Bath & Beyond on Expected Soft Quarter

In a report published Thursday, Oppenheimer analyst Brian Nagel reiterated an Outperform rating and $71.00 price target on Bed Bath & Beyond

. In the report, Nagel noted, “In our view, recent pressures on sales and profit growth at BBBY reflect largely transitory factors. Market concerns over Internet disintermediation permanently impairing BBBY's outsized margins we believe are overblown. BBBY will report Q4 (Feb. 2013) results on Wed., April 10. We have reviewed industry data points and stress-tested our BBBY financial model. Our work suggests to us that sales and margin weakness have likely persisted at BBBY. We recommend longer term oriented investors use any potential pullback in BBBY as a buying opportunity.” Bed Bath & Beyond closed on Wednesday at $65.24.