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Fly News Breaks for June 15, 2016
BBY
Jun 15, 2016 | 07:35 EDT
As previously reported, Credit Suisse downgraded Best Buy to Neutral from Outperform. Analyst Seth Sigman has concerns over Best Buy's 2H 2016 top line expectations saying the mobile category may not deliver the improvement needed to hit Q4 comps estimates, the company is lapping market share benefits from Sears, Radio Shack, hhgregg and others, and Q4 expectations assume a Q4 improvement, but visibility is lacking. Sigman lowered his Q4 earnings estimate to $1.55, below consensus of $1.59 on comps of (.4%) versus the Street at 1%, and took full year earnings estimates to $2.84 from $2.90 on comps of (.5%) versus .3% prior and consensus of .5%, and reduced its price target to $31 from $36.50.
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