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

In a report published Wednesday, Deutsche Bank reiterated its Hold rating on Best Buy Co.

, 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.