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Merrill Cuts RadioShack to 'Near-Term Accumulate'

Merrill Lynch downgraded RadioShack (RSH) to near-term neutral from accumulate.

Analyst Peter Caruso says lower-than-expected sales marks another discouraging development. He thinks the trend is due to a lack of share gains in existing categories and ebbing demand cycle for past growers like satellite TV and wireless phones.

Caruso says more wireless competition from Wal-Mart presents a potentially challenging Q4. He adds that visibility on RadioShack earnings is declining, in contrast to many other retailers, and he sees a multiple downside in the low teens. Caruso kept his long-term accumulate rating.

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