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Prudential reiterates underweight on Circuit City (CC
Analyst Mark Rowen says Circuit City cited year-over-year declines in traffic for reason of shortfall, however, he believes the highly competitive environment contributed to weakness.
He says due to weaker-than-expected December comparable sales, he cuts his 49 cents fiscal 2005 (ending January) earnings per share estimate to 46 cents.
He continues to believe the company's core electronics retail business will come under increasing competitive pressure from more efficient retailers and direct-to-customer distributors. He reiterates his $12 target price.