J.P. Morgan Raises BBBY Target From $56 To $59

J.P. Morgan is raising its PT on shares of Bed Bath & Beyond, Inc. BBBY. “BBBY reported a very impressive end to its FY end (February) with 4Q earnings growth of 30% and same-store sales of 8.5% vs. 3.0%E,” J.P. Morgan writes. “Based on this momentum and the flowthrough effect on our 2011 and 2012 forecasts we are raising our EPS forecasts to $3.60 and $4.21, respectively, and increasing our Dec 11 price target to $59. “While we are Neutral rated, the comp acceleration, Teflon (not cotton) gross margins, and cheap relative valuation should switch the momentum in the stock dramatically following today's report. As such, we believe that shorter term investors may still be able to profit even after the “pop” at the open.” Bed Bath & Beyond closed Wednesday at $49.39.