UPDATE: Wedbush Securities Cuts PT to $9 on Best Buy Following Q3 Review

Wedbush Securities reiterated its Underperform rating on Best Buy BBY and reduced its price target from $14.50 to $9. Wedbush Securities noted, "We reiterate our UNDERPERFORM rating and are lowering our 12-month price target to $9 from $14.50, which reflects further operating margin erosion, low visibility, lack of FY:13 guidance, our view that a takeover is unlikely, and our doubts about the company's turnaround plan. We believe Best Buy has been unable to stem sustained comp declines and eroding margins, and remains at a significant disadvantage to its lower-priced and lower-cost peers." Best Buy closed at $11.97 on Tuesday.