JP Morgan Lowers Estimates for Best Buy (BBY)

JP Morgan analysts Christopher Hovers, Aaron Goldstein, and Jeffery Wimmer lowered EPS estimates for Best Buy BBY from to $0.48 from $0.54 vs. a consensus of $0.50. They said, "We believe BBY benefited from continued growth in wireless, PCs, appliances (lifted by the government rebate program), and even TVs. These categories represent roughly half of the sales mix. On the TV side, we don’t believe that BBY suffered from the inventory shortages reported by channel currently." Best Buy is rated Neutral by JP Morgan with a price target of $48.00. BBY is currently trading at $41.20.