HHgregg (NYSE:HGG) EPS Estimates Slashed by Barclays on Lowered Guidance

HHgregg's (NYSE:HGG) poor performance in the latest quarter, unsurprisingly, resulted in lowered EPS guidance, and also unsurprisingly, generated lowered EPS estimates from analysts, including Barclays (NYSE:BCS)

Barclays noted, "We are lowering our FY '11EPS to $1.17 (from $1.37) and we are lowering our FY'12 EPS estimate to $1.50 (from $1.73). We are lowering our price target to $27, which equates to 19x our new CY'11 EPS estimate of $1.40 (vs. our prior $29 target, which equated to 18x our prior CY'11 EPS estimate of $1.62)."

Barclays did maintain an "Overweight" rating on hhgregg, which closed Friday at $20.26, gaining $0.30, or 1.50 percent. Barclays lowered their price target to $27 on them.