UPDATE: Jefferies Reiterates Hold Rating, Raises PT on hhgregg
In a report published Friday, Jefferies reiterated its Hold rating on hhgregg (NYSE: HGG), and slightly raised its price target from $7.00 to $8.00.
Jefferies noted, “We are seeing some capitulation by management in the consumer electronics business that may never be what it used to be during the peak years of the TV cycle. Management is now focused on diversifying the business away from video and toward other home categories such as furniture and fitness equipment. It is also trying to expand financing solutions with lower FICO score customers, but this could be a challenge.”
hhgregg closed on Thursday at $8.48.
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