UPDATE: JP Morgan Cuts PT to $69 on Bed Bath & Beyond Following Cost Plus Acquisition

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JP Morgan reiterated its Neutral rating on Bed Bath & Beyond (NASDAQ: BBBY) and reduced its price target from $74 to $69. JP Morgan noted, "We are adjusting our BBBY estimates following both earnings and to incorporate the acquisition of CPWM, which was effective June 28th. The company noted that against existing guidance of $0.97-$1.03, 2Q estimates would be diluted by “several cents” including transaction costs while the merger would be slightly accretive to net earnings for the second half of the year. … We are lowering our Dec. 12 price target to $69 (previously $74) to reflect a lower multiple (~15x our 2012 forecast) due to the slowdown in sales trends combined with increased gross margin pressure related to discounting."Bed Bath & Beyond closed at $62.41 on Thursday.

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