JB Hi-Fi is downgraded to neutral, from buy, by UBS which thinks consensus hopes for the electronics retailer's earnings may be too high. JB Hi-Fi's stock has fallen some 27% over the past 12 months. Still, analyst Shaun Cousins says its stock currently offers "a balanced rather than attractive risk reward." UBS lowers its earnings estimates to reflect the concerns of heightened competitive activity noted by JB Hi-Fi at its 3Q sales update. Its FY26 EPS view falls by 1.1%, with its FY27 forecast down 3.1%. "Upside risks to our view would be if the Officeworks competition is more short lived, while downside risks to our view would be if the Officeworks technology focus proves very successful," UBS says. Officeworks is owned by ASX-listed Wesfarmers. (david.winning@wsj.com; @dwinningWSJ)