UPDATE: J.P. Morgan Raises PT on hhgregg on Improved Traffic
In a research report published on Monday, J.P. Morgan analyst Christopher Horvers raised the price target on hhgregg (NYSE: HGG) from $9 to $17 and maintained a rating of Neutral.
In the report, J.P. Morgan noted, "HGG is beginning to see the early fruits of its labor as traffic accelerates from initiatives launched in FY13. These strategies include changing its Video assortment to include more entry level price points, adding Apple products, and diversifying its merchandise to include home entertainment furniture and fitness equipment."
hhgregg closed Monday at $15.61.
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