Best Buy (BBY): Lunch With New CFO - Piper Jaffray

Piper Jaffray analyst, Peter Kieth, maintained his Neutral rating on Best Buy (NYSE: BBY) following a very informative sell-side lunch meeting with mgmt., including newly appointed CFO Corie Barry. Key takeaways from the meeting: (1) Corie Barry showed very well and BBY appears to remain in very good hands with another operational CFO; (2) BBY would like to push Services and a new In-Home Advisor program to help diminish over-reliance on product cycle trends; (3) Cost-out opportunities still exist but will now be executed through a lean management style. BBY continues to view the economic backdrop as stable and the 2H guidance for sales improvement remains dependent on a successful iPhone release. The analyst continues to applaud management's operational excellence and capital allocation strategy, but remains Neutral on shares given a lackluster product cycle backdrop.

No change to the $31 price target.

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 $30.05 yesterday.

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