UPDATE: Jefferies & Company Reiterates Buy Rating, Lowers PT on Bed Bath & Beyond

In a report published Friday, Jefferies & Company reiterated its Buy rating on Bed Bath & Beyond

, but lowered its price target from $78.00 to $72.00. Jefferies noted, “Expectations are washed out after two disappointing releases, but our checks suggest solid sales trends against easier compares, and we are increasingly confident in the ability to post a 3%-4% comp in 4Q. The Cost Plus acquisition creates opportunities to increase productivity next year and management's proven ability to drive efficiency should enhance the business's earnings profile. This is an excellent play on the housing cycle.” Bed Bath & Beyond closed on Thursday at $57.87.