Zacks Investment Research upgraded shares of hhgregg Inc (HGG) from NEUTRAL to OUTPERFORM on August 19, 2013, with a target price of $21.00.
We are upgrading our recommendation on hhgregg to Outperform from Neutral on the back of solid first quarter fiscal 2014 results. hhgregg reported a loss of $0.04 per share in the first quarter of fiscal 2014, narrower than the prior-year quarter loss and Zacks Consensus Loss Estimate. The narrower loss was driven by comparable store sales growth and cost cutting measures. A decline in operating expenses and lower share count also contributed to the earnings growth. Net sales climbed on the back of comparable store sales which were backed by strong performance in appliance category. The company's long term fundamentals are also appealing as management is geared to improve its business performance with the help of several strategic initiatives designed to boost traffic in its stores. The company is focusing on driving sales and profit growth through its cost control measures, and has drawn initiatives to improve its merchandise sales mix, expand its service offerings, and its customer base.
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