Why Canaccord Upgraded Bed Bath & Beyond

Laura Champine of Canaccord Genuity upgraded shares of Bed Bath & Beyond Inc. BBBY on Friday to Hold from Buy with a price target boosted to $91 from a previous $66 as sales momentum builds at the retailer. Based on store visits and checks, Champine sees the possibility of “healthy market share gains” following a strong holiday season in which the company “turned in a strong showing.” Accordingly, Champine raised her second half 2014 same-store sales estimated gains by 100 basis points and fiscal 2015 same-store sales gains by 70 basis points.