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Fly News Breaks for July 17, 2015
BBY
Jul 17, 2015 | 07:26 EDT
As previously reported, BofA/Merrill downgraded Best Buy to Underperform from Buy. The firm lowered estimates based on limited catalysts and continued investments and warned that a mixed product cycle could result in 2H comp downside. BofA/Merrill believes the consensus estimate of 1% comps for 2H look challenging given ongoing computer weakness, ongoing tablet commodization and pricing pressure and flat mobile trends. The firm cut its price target on Best Buy to $32 from $45.
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