UPDATE: Jefferies & Company Reiterates Hold Rating, Raises PT on hhgregg

In a report published Monday, Jefferies & Company reiterated its Hold rating on hhgregg HGG, and slightly raised its price target from $7.00 to $8.00. Jefferies noted, HGG shares look “cheap” on a P/E basis, but we believe this continues to reflect concerns about the broader CE industry, particularly TV weakness, technology convergence, a shift to online buying and weak product cycles. Meanwhile, management is trying to battle headwinds by introducing new product categories, expanded Apple product lines, improve the web experience and enhance the credit offering.” hhgregg closed on Friday at $6.39.