UPDATE: Credit Suisse Upgrades Bed Bath & Beyond; Raising PT

According to a research report published this morning, Credit Suisse has upgraded Bed Bath & Beyond BBBY from Neutral to Outperform, and increased PT from $75 to $91. In the report, Credit Suisse said, "We are upgrading Bed Bath & Beyond to Outperform (from Neutral) as we believe the acquisition of Cost Plus adds some significant growth potential to what is already a very compelling but slowing growth story. Specifically, at a time of investor concern over Internet competition and tougher comparisons, this acquisition should significantly advance direct sourcing and unique merchandising opportunities for BBBY, provide a key driver for incremental comps within BBBY, improve selection and lower sourcing costs, and also help the assortment within the current World Market stores." Bed Bath & Beyond closed yesterday at $68.75.