Otteau, an appraiser and founder of Otteau Valuation Group, reported that strong job growth had led to a "steady improvement in the home purchase market" in New Jersey over the last 18 months.

WSJ: Housing Signals Mixed

These concerns are reflected in our lowered group valuation multiples and lowered price targets.

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In fact, we believe Best Buy should continue to trade at a lower relative valuation versus the group and the market.

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