Best Buy Co., Inc. BBY will announce 2Q11 earnings on Tuesday, 9/14.
Jefferies is maintaining 2Q EPS estimates of $0.35, with the possibility that earnings could be reported at $0.41 if gross margins are better than expected.
Though BBY shares have reported poor performance, and a cut to guidance wouldn't come as a surprise to Jefferies, 75% or more of earnings regularly coming the second half, so management may be reluctant to make sharp cuts as of right now, according to Jefferies.
FY2011 EPS estimates are at $3.04, based on 1- and 3- year average P/E of 12x.
Jefferies maintains its Hold rating and $36 price target.
Best Buy Co., Inc. closed yesterday at $33.56.
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Posted In: Analyst ColorEarningsNewsGuidanceManagementAnalyst Ratingsbest buyComputer & Electronics RetailConsumer DiscretionaryJefferies
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