Citi Reports Slower Growth In CE For Best Buy

According to Citi, Best Buy BBY is seeing slower growth in CE. Citi said that recent trends on the CE supply chain indicate slowing momentum. “Incrementally negative data points include 1) sequential deterioration in CE pricing & traffic in June, 2) challenging results from upstream manufacturers (RIMM/NOK), 3) slack panel pricing from GLW, 4) increasing market saturation & increasingly difficult comparisons for Smartphone growth.” Best Buy closed yesterday at $31.77.