UPDATE: Piper Jaffray Lowers hhgregg's PT
According to a research report published this morning, Piper Jaffray has lowered hhgregg's (NYSE: HGG) PT from $12 to $10.
In the report, Piper Jaffray said, "While video category trends remain challenging, HGG's appliance performance in Q4 was outstanding with the company picking up significant market share. Additionally, gross margins appear to be on a path toward stabilization. There are certainly several positives beginning to unfold with this story. However, with TV/Video representing 45% of company sales, overall company fundamentals remain challenged. We are reducing our F13 EPS estimate slightly to $1.23 (vs. guidance of $1.12-$1.27), and our $10 PT is based on 8x F14E EPS of $1.37."
Piper Jaffray maintains its Neutral rating on hhgregg, which is currently trading at $9.92.
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