Piper Jaffray Reiterates Their Buy Rating on Best Buy (BBY)
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Piper Jaffray reiterates their Buy rating on Best Buy (NYSE: BBY) and maintains their $54 price target.
The firm recently traveled with BBY’s Mike Vitelli, EVP-Customer Operating Groups; Ryan Robinson, SVP-Domestic CFO & Treasurer; and Jennifer Driscoll, VP-IR to New York and Boston.
In addition, Piper Jaffray believes that the iPhone is a big win for the company and said, "We see this access (currently only sold in AT&T wireless and Apple stores) to the iPhone providing several benefits: 1) Comp and EPS driver; 2) Adds credibility and raises mindshare for the Best Buy Mobile area, particularly for smartphones; and 3) Further strengthens the relationship with Apple, one of CE's hottest product manufacturers. We estimate Best Buy is already the number one retailer of iPhone accessories even without having access to the iPhone. With concern around holiday retail sales building, we believe the iPhone will act as a nice traffic driver."
Piper Jaffray believes a 10% market share of the US iPhone market to be a fair estimate for BBY in the back half of the year. Therefore, they calculate an EPS impact of $0.08 and a comp impact of 1.4%.
Best Buy Co., Inc. is a specialty retailer of consumer electronics, home-office products, entertainment software, appliances, and related services.
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