Citi Reiterates 'Buy' Rating on Blockbuster (BBI), Increases Price Target
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Citi reiterates a 'Buy' rating on Blockbuster (NYSE: BBI). Price target increased from $8 to $8.50.
Citi analyst says, "BBI reported 1Q08 EPS of $0.19 topping the $0.15 consensus. These results provide evidence that BBI's turnaround efforts are bearing fruit and are largely attributable to better: 1) inventory management, 2) product placement, 3) Total Access terms, and 4) cost savings...While BBI can create value with or without a Circuit City (NYSE: CC) merger, the deal would provide cost synergies and help BBI become an open provider of technology and content. The street's overly bearish view of the deal creates an attractive risk/reward opportunity...The company's five point distribution plan is taking shape with: 1) the in store "Rock the Block" concepts (500 stores in 2008), 2) better download integration, and 3) a planned roll out of download kiosks within 6-12 months."
Blockbuster Inc. (Blockbuster) is a global provider of rental and retail movie and game entertainment, with over 7,800 stores in the United States, its territories and 21 other countries as of January 6, 2008.
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