UPDATE: UBS Cuts PT to $64.50 on Bed Bath & Beyond on Q3 Pressure

UBS reiterated its Neutral rating on Bed Bath & Beyond

and reduced its price target from $71 to $64.50. UBS commented, "Our EPS est. of $1.03 is slightly ahead of the cons. $1.02, but the components of the results will matter just as much as the bottom line. There is some risk to our 3% comp est. since BBBY's 3Q spanned a period of uncertain consumer spending, including late Oct. / early Nov. We think the storms restrained BBBY's comp by 50 bps. BBBY likely felt some comp pressure form having many fewer stores open at midnight on BF. A comp below 2% likely won't be received well by the market." Bed Bath & Beyond closed at $58.22 on Friday.