UPDATE: Jefferies Reduces PT to $8 on hhgregg on Video and Notebook Slowdown
Jefferies reiterated its Hold rating on hhgregg (NYSE: HGG) and reduced its price target from $11 to $8.
Jefferies commented, "Q1 sales and preliminary EPS expectations came in worse than our below Street estimates. The 5.1% decline in comp store sales was driven by weak video comp store sales plus softness in notebooks and personal electronics. Although shares look “cheap,” soft sales and operating margin contraction likely means they stay cheap. Risks remain ahead of Window 8 launch."
hhgregg closed at $11.54 on Tuesday.
Latest Ratings for HGG
|Nov 2014||Credit Suisse||Maintains||Underperform|
|Aug 2014||B. Riley||Maintains||Neutral|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.