Jefferies Lowers BBY PT to $35

Jefferies Lowers BBY PT to $35 Jefferies has lowered the Price Target of Best Buy BBY from $38 to $35. Jefferies writes, "All indications point to a soft quarter for sales, as consumers reallocated discretionary dollars to other categories. Tablet and mobile phones likely showed strength, but we are not expecting much from other categories. We remain concerned that gross margin gains last year will need to be reinvested to stay competitive. Investors are not expecting much and shares look cheap, but could stay that way as the market discounts many risks." BBY has a Hold Rating and closed at $31.90 yesterday.