UPDATE: Deutsche Bank Reiterates Buy Rating, Raises PT on Bed Bath & Beyond Following 1Q13 Results

In a report published Thursday, Deutsche Bank analyst Mike Baker reiterated a Buy rating on

, and raised the price target from $74.00 to $78.00. In the report, Deutsche Bank noted, “We see mixed results in BBBY's 1Q13 results, but in our opinion, comps above consensus and better than expected gross margins are the keys. We combine the improvement in margins along with slightly better than expected comps with favorable valuation, and maintain our Buy rating, especially with favorable macro trends.” Bed Bath & Beyond closed on Thursday at $70.00.