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In a report published Wednesday, Piper Jaffray analyst Peter Keith reiterated an Overweight rating on
Best BuyBBY and reiterated a price target of $53.00.
In the report, Piper Jaffray says "While concerns of an increased promotional environment in consumer electronics (CE) over the Black Friday (BF) have received elevated attention over the last week, we struggle to think of a time period in recent memory when this hasn't been the case. Our take is as follows: Wal-mart appears slightly more aggressive this year driven by sharp retail pricing on two front page TV offers (likely offered below cost) and it has extended its one-hour guarantee to 5 CE items (up from 3 last year). While BBY may see modest gross margin pressure from this competitive dynamic, we believe BBY is set up for its best holiday in years due to: (1) video game console cycle (2) stable sales trends in TV's and notebook computers; (3) space optimization (4) Vizio TVs in for the entire quarter; and (5) BBY online initiatives. As a result, we reiterate our OW rating and $53 PT."
Best Buy closed on Tuesday at $39.62.
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