Piper Jaffray Neutral on Best Buy

Piper Jaffray is out with a research report on Best Buy BBY and it has a Neutral rating and it has a $28 price target on shares. In a note to clients, Piper Jaffray writes, "Based on our industry research and annual Black Friday advertisement scans, we believe smartphones, tablets and eReaders will be industry sales drivers this holiday season. Promotions in TV's and PC's don't appear to be steeper this year, but instead have shifted down a bit to lower priced products. We remain Neutral on BBY and HGG into this holiday season but believe both have competitive plans in place this year to stabilize (or potentially recapture) market share." Shares of BBY closed at $27.52, a loss of 54 cents yesterday.