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News Breaks
January 6, 2014
11:57 EDTBBY, HGGBest Buy retreats after sales warning from competitor
Shares of Best Buy (BBY) are lower after another electronic retail chain, hhgregg (HGG), estimated that its third quarter sales were significantly lower than expected. WHAT'S NEW: hhgregg estimated that its third quarter net sales were $707.1M, versus the consensus analyst estimate of nearly $777M. The retailer estimated that its same-store sales had fallen over 11% compared to the same period in 2012. hhgregg said its sales of consumer electronics and computing and wireless products were significantly below its expectations, noting that its holiday sales were "significantly impacted" by increased promotional offerings of televisions and tablets across a variety of retail formats. Moreover, hhgregg stated that it expects its overall full-year results to be "materially below" its previous guidance, adding that it expects to "reassess and update" its annual earnings per share guidance. PRICE ACTION: In late morning trading, Best Buy fell about 4% to $39.07, while hhgregg shares sank 5.4% to $12.87.
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July 30, 2014
09:53 EDTBBYBest Buy CEO Joly says sales of tablets 'crashing,' Re/code reports
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July 21, 2014
10:45 EDTBBYAnalysts roll out coverage on GoPro with differing views
Shares of GoPro (GPRO) are climbing after a number of analysts initiated coverage of the stock with different outlooks. GoPro develops mountable and wearable cameras. BULLISH TAKE: JPMorgan analyst Paul Coster initiated coverage of GoPro with an Overweight rating. GoPro is gaining share in the digital camcorder market, and it has begun to penetrate "active lifestyle" markets, which are a much larger opportunity for the company, Coster believes. The company could ship 10M of its products for use by active lifestyle participants annually, the analyst estimated. In a best case scenario, the company could also sell low-cost devices for the mass market, according to Coster. However, GoPro will face competition from major companies, including Google (GOOG) and possibly Apple (AAPL) in this market, warned Coster, who set a $51 price target on GoPro. Also initiating coverage of the name with an Overweight rating was Piper Jaffray analyst Sean Naughton. GoPro is in the early stages of growth, as the company's user base is poised to expand beyond extreme sports enthusiasts, the analyst forecast. The company has a competitive advantage over other brands, which should enable it to maintain strong profitability, added Naughton, who set a $48 price target on the shares. BEARISH TAKE: Stifel analyst Jim Duffy started coverage of GoPro with a Hold rating. The company's three year growth outlook is compelling, but the stock is fully valued, the analyst believes. The company faces a number of risks, including competition in the image device market and the possibility that its relationship with key channel partners, including Best Buy (BBY), could be disrupted, the analyst wrote. Sales to Best Buy accounted for 17% of GoPro's revenue in fiscal 2013, Duffy reported. After GoPro surged following its initial public offering, the stock is likely to advance by only limited amounts, wrote Barcalys analyst Joseph Wolf, who initiated coverage of the shares with an Equal Weight rating. The stock could fall to $30 if the company is unable to increase its hardware sales or make progress in its efforts to develop a media business, the analyst warned. He set a $45 price target on the shares. PRICE ACTION: A total of seven analysts rolled out coverage today on GoPro, according to The Fly’s research, with only two recommending the stock with buy-equivalent ratings. Shares of the camera marker are up 3%, or $1.10, to $42.53 in morning trading.

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