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.
Latest Ratings for BBY
|Mar 2016||Barclays||Initiates Coverage on||Overweight|
|Mar 2016||Guggenheim Securities||Initiates Coverage on||Neutral|
|Feb 2016||RBC Capital||Maintains||Sector Perform|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.