), but remains cautious.
Analyst Scott Ciccarelli says if the company's remodeling costs exceeded his previous forecasts, and benefits take awhile to manifest (which he believes to be a reasonable assumption), then his EPS estimates could be at risk. Ciccarelli had thought Circuit City would pursue the lowest costs remodeling strategy; now, however, he believes it's keeping various alternatives open. He maintains his $0.96 fiscal 2002 (Feb) estimate and his $1.18 fiscal 2003 EPS estimate, but thinks the stock is likely to experience selling pressure until remodeling efforts become more transparent. He rates Circuit City as a buy, and has a $36 target.