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Best Buy sale of Carphone Warehouse to reduce cash flow, says Wedbush

Wedbush expects Best Buy's sale of Carphone Warehouse to drive greater international losses and reduced operating cash flow since Best Buy Europe represented all of the company’s international profits. The firm says Best Buy Europe drained Best Buy's cash by a net $2.4B. It lowered its FY14 estimate for the company to $1.73 from $1.95 to reflect the sale and keeps an Underperform rating on the stock with a $9 price target.