UPDATE: Deutsche Bank Downgrades Bed Bath & Beyond to Hold on Valuation

In a report published Friday, Deutsche Bank analyst Mike Baker downgraded the rating on

from Buy to Hold, but reiterated the $78.00 price target. In the report, Deutsche Bank noted, “We are downgrading our rating on BBBY to Hold from Buy, but maintaining our $78 price target. This price target is based on 14x our 2014 EPS estimate of $5.76. Our target multiple compares to our long term growth rate forecast of 14%. This downgrade is in conjunction with our larger report titled ‘Deutsche Bank's Multi-Channel Survival Matrix', published today. The downgrade is based on two main factors, including an above average online risk profile and a stock price / valuation rebound.” Bed Bath & Beyond closed on Thursday at $76.39.