UPDATE: Piper Jaffray Reduced PT to $8 on hhgregg Following Negative Pre-Announcement

Piper Jaffray reiterated its Neutral rating on hhgregg HGG and reduced its price target from $10 to $8. Piper Jaffray said, "We are maintaining our Neutral rating but lowering our price target to $8 from $10 based on a disappointing Q1 update in yesterday afternoon's press release. Trends during June for the Video category appear to have dropped off dramatically, as the company's Q1 comp of -5.1% was meaningfully below its loose guidance for each quarter to fall within the full year comp range of -1% to 1% provided back on May 23. Appliance sales remain healthy but not enough to offset weakness in Video and personal electronics. With no immediate fix for Video, HGG also reduced full year guidance by 18% to a new range of $0.90-$1.05, and now expects full year comp to be -4% to -6%." hhgregg closed at $11.54 on Tuesday.