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Wedbush Morgan Downgrades Electronics Boutique

Wedbush Morgan downgrades Electronics Boutique (ELBO) to hold from buy on valuation.

Analyst Michael Pachter says he is downgrading as a recent price appreciation has pushed the company's valuation to the high-end of its historic range.

He believes the near-term catalyst of positive Sony PSP launch already priced into stock and he thinks Electronics Boutique will not substantially exceed high investor expectations for launch.

Pachter believes the company intends to invest heavily in new store openings with focus on European and other international store expansion, limiting potential for significant upside to earnings guidance. Sees $2.44 fiscal 2006 (ending January) earnings per share and $2.60 fiscal 2007.

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