Deutsche Bank Maintains Buy on Best Buy

Deutsche Bank is out with its report today on Best Buy BBY, maintaining Buy. In a note to clients, Deutsche Bank writes, "Best Buy's stock has fallen 8% since hitting a recent high on May 31, compared to the market down 4% and the retail index down 5%. This suggests expectations for a miss. While data points intra quarter have remained mostly soft, we believe current consensus estimates already assume a weak quarter, minimizing the likelihood of the big miss suggested by the stock move. As such, we think the risk reward is favorable in front of the quarter given the very low expectations. This underpins our Buy rating." Deutsche Bank maintains a $37 PT on BBY. Shares of BBY closed Wednesday at $28.67, down 0.90% from Tuesday's close.