Wedbush Sees Mixed Factors for Best Buy Co.

In a report published Friday, Wedbush analyst Michael Pachter reiterated an Underperform rating and $18.00 price target on

. In the report, Wedbush noted, “Negative domestic comps and International segment decline drove a top line miss, but EPS above expectations due to cost savings initiatives. Revenue was $9.0 billion, compared with our estimate of $9.2 billion and the consensus estimate of $9.2 billion. Non-GAAP EPS was $0.33 (excluding a $0.98/share net benefit), compared with our estimate of $0.20, and the consensus estimate of $0.20. Comparable-store sales were down 1.9% (down 1.3% domestically and down 5.8% internationally), compared with our expectation for a decrease of 0.8% (down 1.0% domestically and flat internationally).” Best Buy Co. closed on Thursday at $26.20.