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