BTIG Remains Neutral on Best Buy (BBY) Following Solid Q3 Results, Outlook

November 17, 2016 8:36 AM EST
Get Alerts BBY Hot Sheet
Price: $45.67 +0.48%

Rating Summary:
    7 Buy, 17 Hold, 5 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 11 | Down: 31 | New: 42
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BTIG is offering preliminary commentary on Best Buy (NYSE: BBY) following Q3 results and strong outlook issued earlier Thursday. The firm has Best Buy with a Neutral rating.

Analyst Alan Rifkin commented, 3Q16: Operating EPS of $0.62 was well above our estimate of $0.47 and guidance of $0.43-$0.47. Domestic comp of 1.8% was well above both guidance and our estimate of +1%. 4Q16 guidance: $1.62-1.67 EPS vs. Street $1.58, revenue $13.4-$13.6B includes ~200 million of lost revenue or an estimated ~(150) bp impact from product unavailability. FY EPS guidance $3.25-$3.30.

4Q16 Guidance. Operating EPS of $1.62-$1.67 vs. our estimate of $1.51 and Street $1.58. Enterprise comp: (1.0)%-1.0% vs. our 0.5% estimate. Domestic comp: (1.0)%-1.0%. Int’l comp: (2.0)%-2.0%. Total revenue $13.4-$13.6 billion vs. our estimate of $13.6 billion. Product unavailability expected to reduce revenue by $200MM or an estimated ~(150) bp. Company faces easiest comp for year in 4Q at (1.7)%.

We expect BBY shares to be strong today. BBY has done an admirable job controlling expenses and current valuation lends support to the shares.

For an analyst ratings summary and ratings history on Best Buy click here. For more ratings news on Best Buy click here.



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