UPDATE: Oppenheimer Downgrades Bed Bath & Beyond to Perform on Limited Upside Drivers

Oppenheimer reduced its rating on Bed Bath & Beyond

from Outperform to Perform with a reiterated $80 price target. Oppenheimer commented, "Longer term prospects for the company remain upbeat. Nearer term we are increasingly concerned that the potential for consistent and meaningful sales and earnings upside at BBBY is beginning to wane as recent key product cycles and outsized market share opportunities fade and coupons again emerge as a more significant traffic driver for the chain. Investors are apt to scrutinize more closely sales and gross margin trends than ongoing gains from cost controls or buybacks. BBBY's position as a compelling “housing play” now seems well telegraphed in the market." Bed Bath & Beyond closed at $70.77 on Monday.