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UPDATE: Deutsche Bank Reiterates Hold Rating, Lowers PT on Best Buy

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In a report published Wednesday, Deutsche Bank reiterated its Hold rating on Best Buy Co. (NYSE: BBY), but lowered its price target from $16.00 to $13.00.

Deutsche Bank noted, “BBY's 3rd quarter was rough including a 4.0% comp decline and a 245 bps operating margin decline domestically, and down 4.3% and 300bps total company. 4Q could be a bit better with some fresher Windows 8 products and strength around iPhone 5, which was launched mid 3Q and other tablets. We see the decision to match on line pricing as a wild card in that it will help sales but hurt margins, with the gross profit dollar impact dependant on competitive pricing and consumer take out of the guarantee. We maintain our Hold rating balancing weaker fundamentals with the potential takeout from Dick Schulze.”

Best Buy Co. closed on Tuesday at $11.96.

Latest Ratings for BBY

DateFirmActionFromTo
Jun 2016Longbow ResearchInitiates Coverage onNeutral
Jun 2016Credit SuisseDowngradesOutperformNeutral
May 2016Deutsche BankDowngradesBuyHold

View More Analyst Ratings for BBY
View the Latest Analyst Ratings

Posted-In: Deutsche BankAnalyst Color Price Target Analyst Ratings

 

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