Best Buy (BBY) PT, Estimates Raised at Piper Jaffray on Strong Qtr & Comp
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Rating Summary:
11 Buy, 19 Hold, 5 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 5 | Down: 3 | New: 2
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Piper Jaffray analyst Peter Keith raised estimates and his price target on Overweight-rated Best Buy (NYSE: BBY) to $43.00 (from $39.00) following strong Q3 results.
Keith commented, "We are reiterating our Overweight rating and raising our price target from $39 to $43 on BBY following very solid Q3 results that saw domestic comp of +2.4% well above expectations for -1.5%. We believe broad strength across all 4 major product categories in Q3 bodes well for a solid holiday season. Additionally, BBY has a abnormally easy GM compare for Q4, and it highlighted multiple times today its intent to be more scientific in its promotional strategies this holiday season. We believe comp and GM trends at BBY can remain healthy into CY15, which sets up the stock for continued outperformance. We are increasing our FY15 and FY16 EPS estimates to $2.38 and $3.07, respectively, and our $43 price target is based on 14x."
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 $38.02 yesterday.
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