The reason why you should use SelectedItem is because of this.
ComboBox.SelectedText means
Gets or sets the text that is selected in the
editable portion of a System.Windows.Forms.ComboBox.
ComboBox.SelectedItem means
Gets or sets currently selected item in the System.Windows.Forms.ComboBox.
/EDIT
Again I think you forget to read the REMARKS section of the SelectedText property n
MSDN[
^] and it says like this
When the combo box loses focus, the selection point moves to the beginning of the text and any selected text becomes unselected. In this case, getting the SelectedText property retrieves an empty string, and setting the SelectedText property adds the specified value to the beginning of the text.
so go with selectedItem if your comboBox is DropDown/DropDownList type display