UPDATE: Jefferies Downgrades Bed Bath & Beyond to Hold, Lowers PT on Valuation

In a report published Monday, Jefferies analyst John Marrin downgraded the rating on Bed Bath & Beyond

from Buy to Hold, and lowered the price target from $76.00 to $71.00. In the report, Marrin noted, “We are lowering our rating on the shares of Bed Bath & Beyond to Hold from Buy while taking down the price target to $71 from $76. Although we believe this company has all the potential to become an omni-channel leader in the home furnishings retail vertical in several years' time, we think shareholders in the meantime could be in for a pretty bumpy ride.” Bed Bath & Beyond closed on Friday at $69.12.