Jefferies Expects Soft Sales in Q1 for Best Buy

According to a recent report, Jefferies expects soft sales in Q1 for Best Buy BBY and anticipate domestic comp store sales to decline by 3-5%. Jefferies maintains a Hold rating on Best Buy and a $31.00 price target on the company. In the report, Jefferies said, "Results toward the upper end of the sales range could produce a short-term pop in the stock given its low valuation, but key challenges remain, making it more difficult to recommend for the intermediate term." Best Buy closed yesterday at $28.67.