Deutsche Bank Lowers Estimates For Best Buy

Best Buy Company, Inc. BBY is experiencing slowed business in 2Q, with slowdowns in unit shipments and pricing in TVs with data from industry sources as well as retailers and suppliers, Deutsche Bank reports. As a result, Deutsche Bank is lowering 2Q EPS estimates to $0.48, and for FY2010 estimates are at $3.44, just below Best Buy's guidance of $3.45-3.60. FY2011 estimates are $3.84, and the price target has been lowered to $48 (from $55). Deutsche Bank maintains its Buy rating for Best Buy Company, Inc., which closed yesterday at $34.37.