Piper Jaffray Remains Bullish on Best Buy (BBY) Into Q2 Print
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Rating Summary:
9 Buy, 21 Hold, 5 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 8 | Down: 2 | New: 35
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Piper Jaffray analyst Peter Keith reiterated an Overweight rating and $34 price target on Best Buy (NYSE: BBY) ahead of Tuesday's Q2 earnings. The firm is expecting a decent quarter with the set-up for the 2nd-half of the year looking favorable.
Keith commented, "While Q2 comp trends likely ran negative, competitor comments suggest some stabilization/improvement. Also, we expect Q2 GM can drive some modest upside. Importantly, the set-up for Q3/Q4 looks quite favorable relative to expectations due to: (1) Potential Sept iPhone launch; (2) Stabilizing TV sales from home theater remodels; (3) Fading GM headwinds with new GM drivers kicking in; and (4) An easy Q4 compare due to BBY's over-reaction to the competitive environment. We reiterate our OW and expect BBY shares to continue to outperform as they have since the Q1 announcement."
For an analyst ratings summary and ratings history on Best Buy click here. For more ratings news on Best Buy click here.
Shares of Best Buy closed at $31.13 yesterday.
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