UBS Cut PT & Estimates on hhgregg (HGG); Video Category Achilles Heel, but Appliances Remain Strong
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Price: $0.23 --0%
Rating Summary:
1 Buy, 8 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
1 Buy, 8 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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UBS maintains a 'Neutral' on hhgregg (NYSE: HGG) price target of $9.50 (from $10.75).
Analyst, Michael Lasser, said, "HGG lowered its guidance for 1Q’13 and FY’13 due to lower than expected revenue from the Video segment. Video experienced a -16.7% comp, and a -37.3% 2-year stacked comp, the biggest decline in six years. The weakness indicates that management’s goal of stabilizing this segment is proving to be harder than expected, despite the spring rollout of new television lines and broader vendor implementation of Minimum Advertised Price policy. However, Appliances comped 6.3% due in part to HGG’s efforts to gain share in this category."
UBS lowers FY13 EPS estimate from $1.24 to $0.97 and FY14 from $1.31 to $1.00.
For an analyst ratings summary and ratings history on hhgregg click here. For more ratings news on hhgregg click here.
Shares of hhgregg closed at $11.54 yesterday.
Analyst, Michael Lasser, said, "HGG lowered its guidance for 1Q’13 and FY’13 due to lower than expected revenue from the Video segment. Video experienced a -16.7% comp, and a -37.3% 2-year stacked comp, the biggest decline in six years. The weakness indicates that management’s goal of stabilizing this segment is proving to be harder than expected, despite the spring rollout of new television lines and broader vendor implementation of Minimum Advertised Price policy. However, Appliances comped 6.3% due in part to HGG’s efforts to gain share in this category."
UBS lowers FY13 EPS estimate from $1.24 to $0.97 and FY14 from $1.31 to $1.00.
For an analyst ratings summary and ratings history on hhgregg click here. For more ratings news on hhgregg click here.
Shares of hhgregg closed at $11.54 yesterday.
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