UPDATE: Piper Jaffray Reiterates Neutral Rating, Lowers PT for Best Buy

In a company note published earlier today, Piper Jaffray & Co. reiterated its Neutral rating for Best Buy Co., Inc.

, but lowered its price target from $26.00 to $22.00. Piper Jaffray went on to say “We would classify Mike Mikan's (Interim CEO) first conference call as a success. While no new strategic plan was unveiled, Mikan said BBY is working to develop a new strategic plan which will focus on ROIC as opposed to box growth. For Q1, while BBY topped consensus EPS, results (in our view) were slightly disappointing as the comp of -5.8% came in lighter than we estimated and the company benefited from an abnormally low tax rate. Some of the favorable initiatives outlined on yesterday's call may help BBY shares find near-term support but challenged top line trends are likely to limit any near-term upside so we continue to remain Neutral on BBY shares. We are lowering our PT to $22 from $26 based on 6x F14E EPS of $3.68. Our multiple goes to 6x from 7x to account for greater than expected gross margin erosion.” Best Buy Co., Inc. closed yesterday at $18.46.