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In a report published Tuesday, J.P. Morgan analyst Christopher Horvers reiterated a Neutral rating and $65.00 price target on
Bed Bath & BeyondBBBY.
In the report, J.P. Morgan noted, “Following BBBY's announcement that the company is planning a $1.1B ASR funded with debt (following a previously announced new $2.0B buyback authorization), we are adjusting our estimates. As a result our 2014 EPS estimate goes to $5.09 from $4.97 and our 2015 EPS estimate goes to $5.75 from $5.49. Our price target remains at $65 which is based on ~11x our 2015 estimate and at a slight discount to its current FY1 P/E valuation.”
Bed Bath & Beyond closed on Monday at $63.69.
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