Wedbush Lowers PT on Best Buy to $25

Wedbush Securities has published a research report on Best Buy

and has lowered the price target from $27 to $25. In the report, Wedbush writes, "We expect Best Buy to report Q3 results in line with our revised estimates for revenue of $12.1 billion (from $12.6 billion prior) and for EPS of $0.50 (from $0.54 prior), compared to consensus for revenue of $12.1 billion and EPS of $0.51. The company did not provide quarterly guidance. We expect total comps in line with our revised comps of down 5.6% (from down 1.2% prior), with domestic down 7.0% and international down 2.0%. Domestically, we expect negative comps for Consumer Electronics (TV commoditization) and Entertainment (market share losses to lower-priced competitors) to outweigh positive growth for Computing and Mobile Phones (iPhone 4S) and Appliances. We are also expecting a second straight quarter of international comps declines given macro uncertainty in Europe." Wedbush maintains its Neutral rating on Best Buy, which is currently trading down $0.12 from yesterday's $27.42 closing price.