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Fly News Breaks for July 6, 2016
BBY
Jul 6, 2016 | 10:05 EDT
Morgan Stanley analyst Simeon Gutman sees downside to near-term comps from weakening product drivers and said decreasing cost reductions and the CFO transition makes him incrementally more cautious. Gutman said Best Buy's story is becoming more complicated as it moves towards a service model to help consumers with in-home connectivity and the margin story focuses on lean operations, away from expense delayering and cost reductions. The analyst sees downside risk to 2H and 2016 comps and maintains his Equal Weight rating on Best Buy shares.
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