UPDATE: Jefferies & Company Reiterates Hold Rating, Lowers PT on Best Buy

In a report published Wednesday, Jefferies & Company reiterated its Hold rating on Best Buy Co.

, but lowered its price target from $18.00 to $13.00. Jefferies noted, “Until we see a stabilization in operating results, we doubt the market is going to give Best Buy the benefit of the doubt on its turnaround efforts. Sales results in 3Q results were weak, but SG&A investments at domestic and gross margin weakness at international were responsible for a big part of the earnings miss. Shares likely reacted to a sharply lowered FCF outlook and increasing concerns a deal may not materialize.” Best Buy Co. closed on Tuesday at $11.96.