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Robertson Stephens Raises Bed & Bath Estimates

Robertson Stephens raised its estimates on Bed Bath Beyond (BBBY).

Analyst Lauren Cooks Levitan says better-than-expected fourth quarter sales and earnings per share -- highlighted by a sector-leading 11.9% comparable increase -- demonstrates the company's position as a franchise leader within the home furnishings industry.

Given the company's consistent execution, outperformance and attractive growth opportunities, Cooks Levitan believes Bed & Bath shares remain a core consumer holding, which should continute to command a signficant premium to the market and other retailers. She raised her $0.89 fiscal 2003 (Feb.) EPS estimate to $0.91, and maintains her $1.12 estimate for fiscal 2004. She reiterates her buy rating and $40 12-month target.

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