UPDATE: Piper Jaffray Reiterates Neutral Rating, Lowers PT on Best Buy

In a report published Wednesday, Piper Jaffray & Co. reiterated its Neutral rating on Best Buy Co.

, but lowered its price target from $17.00 to $13.00. Piper Jaffray noted, “We are remaining on the sidelines with a Neutral rating following another difficult quarter for BBY. While new CEO, Hubert Joly, is trying to stem the near-term deterioration of the business through actions such as price match and improving execution on the retail sales floor, the accelerating pace of deterioration in business fundamentals remains concerning. Additionally, FCF guidance was revised down by ~30%, which raises concerns on BBY's dividend. We'd like to think Q3`represents a low water mark for y/y op profit decline due to the timing of product launches and SG&A investments, but there is no indication at this point that operating initiatives will stabilize business trends. All in, we are lowering our PT to $13 from $17 based on an unchanged 6x our F13E EPS. Buyout speculation remains ripe, but any potential bidders will likely wait as long as possible to submit the lowest possible purchase price.” Best Buy Co. closed on Tuesday at $11.96.