Wedbush Holds 'Underperform' Rating for Best Buy on Expected Holiday Price Pressure
Wedbush Securities maintained an “underperform” rating on Best Buy after the company’s Thursday earnings call, on what it expects to be “escalated holiday discounting by Amazon and Walmart.” The 2017 holiday season will “challenge guidance,” wrote analyst Michael Pachter in…
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a research note, with heightened competition from online retailers pressuring gross margin. Wedbush is adjusting its FY 2018 estimates for revenue to $41 billion from $40.96 billion and for earnings per share to $3.93 from $3.95, because of Q3 results (see 1711160035) and expectations that “Q4 comps will come in below the guided range given a more challenging holiday retail environment.”