Janney Montgomery Scott Downgrades hhgregg (HGG) to Neutral; Industry Trends Not In Their Favor
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Price: $15.42 +1.72%
Rating Summary:
1 Buy, 11 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Rating Summary:
1 Buy, 11 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Trade HGG Now!
Janney Montgomery Scott downgraded hhgregg (NYSE: HGG) from Buy to Neutral. PT lowered from $30 to $22.
JMS analyst says, "We have three key reasons for our downgrade: 1) will be driven by portability and wireless, and HGG is under-indexed in these categories; 2) We believe 2011 will be a transition year for the TV category (video is 50 % of sales), as consumers try to understand the value of Smart TV and its many applications. Also, appliance comps (35% of sales) have tough compares for the next few quarters, and this business will remain volatile as housing remains weak; and 3) We believe it will be difficult to replicate the phenomenal success of the entry into the Mid-Atlantic market with the entry into Miami, Pittsburgh and Chicago next year."
For more ratings news on hhgregg click here and for the rating history of hhgregg click here.
Shares of hhgregg closed at $20.26 yesterday, with a 52 week range of $18.20-$31.14.
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JMS analyst says, "We have three key reasons for our downgrade: 1) will be driven by portability and wireless, and HGG is under-indexed in these categories; 2) We believe 2011 will be a transition year for the TV category (video is 50 % of sales), as consumers try to understand the value of Smart TV and its many applications. Also, appliance comps (35% of sales) have tough compares for the next few quarters, and this business will remain volatile as housing remains weak; and 3) We believe it will be difficult to replicate the phenomenal success of the entry into the Mid-Atlantic market with the entry into Miami, Pittsburgh and Chicago next year."
For more ratings news on hhgregg click here and for the rating history of hhgregg click here.
Shares of hhgregg closed at $20.26 yesterday, with a 52 week range of $18.20-$31.14.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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