Piper Jaffray Maintains Neutral on Best Buy

Piper Jaffray is out with its report today on Best Buy BBY, maintaining Neutral. In its report, Piper Jaffray writes, "We are maintaining our Neutral rating and $25 PT following our proprietary survey to gauge consumer interest in the Amazon AMZN tablet, widely speculated to be announced on Wed., September 28. Survey results from 410 online participants indicate very healthy demand for an AMZN tablet (reportedly named the 'Kindle Fire') priced at $249. At this price, we believe this product could create yet another sales headwind for BBY over the coming year as a result of AMZN's self-distribution model." At the time of posting, shares of BBY were trading pre-market at $26.00, up 3.09% from Monday's close.