Morgan Stanley Reiterates Equal-Weight Rating on Best Buy

In a report published Monday, Morgan Stanley reiterated its Equal-Weight rating on Best Buy Co.

. Morgan Stanley noted, “Our surveys suggest mixed Holiday demand for CE. We are increasing our 4Q US comp estimate 100bp to +0.5% as traffic and conversion are clearly top priorities for BBY right now, but we are reducing our gross margin estimate 50bp due to promotional activity and strength in Apple/Samsung products.” Best Buy Co. closed on Friday at $12.05.