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JP Morgan Downgrades Best Buy

JP Morgan downgrades Best Buy (BBY) to underweight from overweight.

Analyst Stephen Chick says he is revisiting the initial thought process, at least unit Best Buy demonstrates more stability within its business. He notes the company has indicated digital TV product margins will be challenged as a result of price deflation.

Also, amidst debatable contribution of digital TV margins, other areas of the store are clearly pressured. He thinks there are clear execution risks that will, more likely than not, offset expected higher velocity digital TV sales (7% to 8% total sales) for the time being.

Therefore, Chick lower assumptions and valuation points to further downside.

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