UPDATE: Piper Jaffray Lowers PT on Best Buy to $39 (BBY)

Piper Jaffray is out with its report today on Best Buy BBY, lowering its PT from $46 to $39. In a note to clients, Piper Jaffray writes, "Yesterday morning, BBY reported EPS that topped PJC and consensus expectations; however F12 EPS guidance of $3.30 to $3.55 was less than current consensus of $3.56. We are maintaining our OW rating but reducing our PT from $46 to $39 based on expectations for down EPS in the 1H F12." At the time of posting, shares of BBY were trading pre-market at $29.68, down 1.49% from Thursday's close.