UPDATE: ISI Group Maintains Neutral on Best Buy after Static International Comps
In a report published Friday, ISI Group reiterated Best Buy (NYSE: BBY) at Neutral on weakness in consumer electronics and entertainment.
ISI Group reported that, “Domestic EBIT margins, down just 150bp to 5.9% drove the surprise vs our down 240bp estimate. Charges, mostly non-cash, of over $1bn were taken to write down Chinese and Canadian goodwill, plus Domestic restructuring actions. As no guidance was provided, the call at 9AM eastern will be key for insight into strategic and restructuring actions likely to be executed going forward."
Best Buy shares closed at $16.41 on Thursday.
Latest Ratings for BBY
|Feb 2017||Bernstein||Initiates Coverage On||Underperform|
|Dec 2016||Loop Capital||Initiates Coverage On||Buy|
|Nov 2016||Bank of America||Upgrades||Underperform||Neutral|
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.