Barclays Maintains an 'Equalweight' on Best Buy (BBY); 3Q: Benefits from Solid Thanksgiving, but International Likely Challenged

Barclays maintains an 'Equalweight' on Best Buy (NYSE: BBY) price target of $25.00.

Barclays analyst says, "Best Buy reports 3Q EPS on December 13, before the market open. We forecast 3Q EPS of $0.51 (in-line with the Street); holiday sales are off to a strong start, although the CE space in which Best Buy operates is likely to be highly competitive. We are forecasting flat comps (on top of a 3.3% decline LY) and top-line growth of 3%, driven by modest store growth (primarily mobile) along with higher online sales. Our holiday channel checks suggest that customers responded well to Best Buy's promotions and earlier opening."

"International likely challenged: In our view, the ongoing macroeconomic challenges in Europe are likely to have a negative impact on Best Buy's International performance as an estimated 16-18% of total revenues are exposed to Europe. As such, there is downside risk to our flat same-store sales estimate for the International division."

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 $28.12 yesterday.

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