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Southwest Securities Downgrades Electronics Boutique

Southwest Securities downgrades Electronics Boutique (ELBO) to long term buy from strong buy.

Analyst Arvind Bhatia says he lowers estimates for Electronics Boutique's holiday season (November/December) sales, which he expects to be reported early next week. He now sees 1% same-store sales growth during holiday period, vs. a previous estimate of 5.0%.

He says hardware shortages during the holiday season were more severe than anticipated, and have led to a drop-off in hardware sales and tie-in software sales. He also cuts $1.73 fourth-quarter earnings per share estimate to $1.58, and $2.30 fiscal 2005 (ending January) to $2.15.

While Bhatia still believes in the long-term prospects of Electronics Boutique, due to above factors, he cuts his $46 target to $42, which is based on 17 times his fiscal 2006 earnings per share estimate.

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