Oppenheimer Reiterates Outperform Rating, $84 PT for Bed Bath & Beyond

In a company update published earlier today, Oppenheimer Holdings reiterated its Outperform rating and $84.00 price target for Bed Bath & Beyond Inc.

. Oppenheimer went on to say “Earlier this week Bed Bath & Beyond announced plans to purchase Cost Plus. We look favorably upon this transaction. BBBY represents one of the best run chains in Hardlines. The company has for years improved productivity and expanded margins, while others faltered or failed. We view CPWM as a potential growth vehicle and merchandise enhancer for BBBY. BBBY has been testing CPWM products in a small number of stores. We view threats of “internet disintermediation” for BBBY as overblown, and believe fears about the chain taking on additional real estate are off-base. CPWM should prove modestly accretive near term before turning more profitable in subsequent years.” Bed Bath & Beyond Inc. closed yesterday at $68.75.