UPDATE: Morgan Stanley Reiterates Underweight Rating, Lowers PT on Bed Bath & Beyond on Unattractive Risk/Reward

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In a report published Thursday, Morgan Stanley analyst Simeon Gutman reiterated an Underweight rating on

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Bed Bath & Beyond

(NASDAQ: BBBY), but lowered the price target from $63.00 to $58.00.In the report, Morgan Stanley noted, “Though the magnitude of BBBY's Q1 miss was not significant ($0.93 vs. $0.94 consensus and within the guidance range of $0.92-$0.96) the composition was worse than expected and points to continued margin pressure. Q1 results showed ongoing slippage within a couple of key metrics. In particular, gross margin contracted 70bps (the most since Q4 '12) suggesting the business is at a new lower run rate despite lapping 9 consecutive quarters of gross margin erosion.”Bed Bath & Beyond closed on Wednesday at $61.11.