UPDATE: J.P. Morgan Lowers Price Target on Best Buy to $29

According to J.P. Morgan, Best Buy (NYSE: BBY) price target is lowered to $29.

J.P. Morgan said that it believes that BBY's stepped-up promotions, expanded on-line SKU count, and increased advertising signify recognition by management that it was on the slippery slope of losing dominant electronics mindshare to nonspecialty retailers. “We believe BBY's decision to manage the business for rate in 2010 helped fuel AMZN's estimated 70% increase in electronics sales (per the CEA).”

Best Buy closed yesterday at $23.73.