Deutsche Bank Expects Modest 2Q14 Results For Bed Bath & Beyond Inc.

In a report published Tuesday, Deutsche Bank analyst Mike Baker reiterated a Hold rating and $57.00 price target on Bed Bath & Beyond Inc. (NASDAQ: BBBY).In the report, Deutsche Bank noted, “BBBY reports 2Q14 results on 9/23, AMC. We are modeling comps of 1.3%, in line with consensus of 1.4% and guidance of 1%-3%. Our EPS estimate is $1.17 vs consensus of $1.14 and guidance of $1.08-$1.16 and includes $1.1b in buybacks. We could see a percent or so downside to comps and penny or so on EPS vs our estimate due to slower industry trends, but consensus of $1.14 seems be achievable. Industry sales increased 1.9% for June-August, a slowdown from 4.8% for Mar-May. With comparisons from last year similar to 1Q, we see little reason to expect a comp acceleration from the 0.4% in 1Q in light of worse industry trends. Hence, we maintain our Hold rating.”Bed Bath & Beyond Inc. closed on Monday at $63.69.