UPDATE: KeyBanc Capital Markets Downgrades Cost Plus to Hold; Shares Reach PT of $22

KeyBanc Capital Markets downgrades Cost Plus

from Buy to Hold as shares reach its previous price target of $22 (now suspended). KeyBanc Capital Markets comments, "Cost Plus, Inc. (CPWM-NASDAQ) reported strong 1Q12 EPS that was $0.04 above the high-end of guidance. Furthermore, Cost Plus posted positive 1Q earnings for the first time since 2005 (or 2004, without making adjustments for one-time items). Strong sales and comp momentum continued through the quarter, and 2Q is off to a similar start. The Company continues to execute on its turnaround and we believe CPWM will be a good fit within the Bed Bath & Beyond Inc. (BBBY-NASDAQ) portfolio of brands. We are downgrading CPWM from BUY to HOLD as the stock has essentially reached both our price target (which is the transaction price), though we still have a positive view on underlying fundamentals." CPWM closed at $21.91 on Wednesday.