Morgan Stanley Reiterates Equal-Weight Rating on Best Buy
In a report published Monday, Morgan Stanley reiterated its Equal-Weight rating on Best Buy Co. (NYSE: BBY).
Morgan Stanley noted, “Our surveys suggest mixed Holiday demand for CE. We are increasing our 4Q US comp estimate 100bp to +0.5% as traffic and conversion are clearly top priorities for BBY right now, but we are reducing our gross margin estimate 50bp due to promotional activity and strength in Apple/Samsung products.”
Best Buy Co. closed on Friday at $12.05.
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