UPDATE: ISI Group Maintains Neutral on Best Buy after Static International Comps
In a report published Friday, ISI Group reiterated Best Buy (NYSE: BBY) at Neutral on weakness in consumer electronics and entertainment.
ISI Group reported that, “Domestic EBIT margins, down just 150bp to 5.9% drove the surprise vs our down 240bp estimate. Charges, mostly non-cash, of over $1bn were taken to write down Chinese and Canadian goodwill, plus Domestic restructuring actions. As no guidance was provided, the call at 9AM eastern will be key for insight into strategic and restructuring actions likely to be executed going forward."
Best Buy shares closed at $16.41 on Thursday.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.