Soleil Starts hhgregg (HGG) at Hold
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Soleil Securities Group initiates coverage on hhgregg (NYSE: HGG) with a Hold rating. The firm has a $14 price target on the stock.
The firm said it likes hhgregg's longer-term growth prospects, but believes that economic and competitive challenges will limit near-term upside for all consumer electronics retailers, minus the industry leader, Best Buy (NYSE: BBY).
Soleils' price target on hhgregg is based on 9x the firm's FY10 EPS estimate of $1.55, versus the consensus of $1.38.
hhgregg, Inc. operates as a specialty retailer of consumer electronics, home appliances, mattresses, and related services operating under the names hhgregg and Fine Lines.
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