UPDATE: Goldman Sachs Reiterates Sell Rating, Raises PT on Bed Bath & Beyond on Choppy 3Q2012 Results

In a report published Thursday, Goldman Sachs analyst Matthew J. Fassler reiterated a Sell rating on Bed Bath & Beyond

, and raised the price target from $59.00 to $62.00. In the report, Fassler noted, “BBBY delivered choppy 4Q2012 results that nonetheless met Street expectations. Sales met forecast, while EPS fell short; we mis-modeled the profitability of recent acquisitions (we were too aggressive). EBIT did fall slightly short of Street forecasts; the EPS upside reflected tax rate and share count. The 1Q2013 guidance ($0.88-$0.94) tracked below consensus ($0.95) and inline with our estimate going in ($0.89), while implied annual guidance ($4.78-$5.10, based on EPS up mid-single-to-low-double-digits) that bracketed the Street ($5.03) and GS ($4.93) going in.” Bed Bath & Beyond closed on Wednesday at $65.50.