Jefferies reiterates its Hold rating and $27 price target on Best Buy BBY as sales and margin results continue to highlight challenges.
Jefferies says, “Best Buy missed expectations with Q3 EPS of $0.47 (Street $0.51). The bears got additional fuel today as heavy promotion only drove a 0.9% US comp and margins declined significantly. While strong expense control was admirable, the soft sales and declining gross margin continue to highlight the challenges BBY faces as it struggles to overcome secular and cyclical issues.”
BBY closed at $28.07 per share on Tuesday.
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