Credit Suisse Sees Good Management Offset Macro Trends Again For Bed Bath & Beyond Inc.

In a report published Wednesday, Credit Suisse analyst Gary Balter reiterated a Neutral rating and $70.00 price target on

. In the report, Credit Suisse noted, “The consensus on BBBY, and for that matter, BBY, ULTA, and ODP is that they are gradually going to be roadkill for that great Internet machine. Yet, as we have seen from many of these companies and saw last night from BBBY, smart intuitive management can more than offset the macro trends. BBBY not only achieved better-than-expected comps this quarter, but did it in a sluggish home furnishings environment. "What seems too often to get discounted by the Street is strength of management and this management team ranks among the deepest and most talented in our coverage universe.We are adjusting our EPS estimates to $5.02, $5.32, and $5.77 in FY 14, FY 15, and FY 16, respectively, primarily reflecting the company's recently announced accelerated share repurchase program.” Bed Bath & Beyond Inc. closed on Tuesday at $62.69.