Jefferies Maintains a 'Hold' on Best Buy (BBY); Expecting In-line Quarter; Apple (AAPL) Remains Biggest Threat
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Price: $85.73 -3.9%
Rating Summary:
7 Buy, 25 Hold, 5 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
Rating Summary:
7 Buy, 25 Hold, 5 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
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Jefferies maintains a 'Hold' on Best Buy (NYSE: BBY) price target of $27.00.
Analyst, Daniel Binder, said, "Shares have rebounded recently as the market anticipates some cost cutting activity and increased support from TV manufacturers...In summary, we have heard about TV manufacturer support before and it has been fleeting. Cost cutting is more in BBY’s control and meaningful cuts would have to be made to build a credible story. We think Apple (Nasdaq: AAPL) remains the biggest threat (competing at store level, expected launch of iTV)."
"Expecting in-line quarter from BBY – more likely upside on expenses than sales...Our Q4 domestic comp store sales estimate is around flat with an expectation that overall comp store sales will be down about 1%."
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 $27.37 yesterday.
Analyst, Daniel Binder, said, "Shares have rebounded recently as the market anticipates some cost cutting activity and increased support from TV manufacturers...In summary, we have heard about TV manufacturer support before and it has been fleeting. Cost cutting is more in BBY’s control and meaningful cuts would have to be made to build a credible story. We think Apple (Nasdaq: AAPL) remains the biggest threat (competing at store level, expected launch of iTV)."
"Expecting in-line quarter from BBY – more likely upside on expenses than sales...Our Q4 domestic comp store sales estimate is around flat with an expectation that overall comp store sales will be down about 1%."
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 $27.37 yesterday.
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