BB&T Cuts Best Buy (BBY) to Hold as Investors Await Naming of New CEO

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BB&T Capital's Anthony Chukumba downgraded shares of Best Buy (NYSE: BBY) from Buy to Hold Monday morning. The analyst suspended the firm's $30 price target.

Chukumba cites lack of a definitive leader heading into the all-important holiday season. The analyst said the stock "will likely be at best dead money for awhile," even amid a very dismal valuation of just 4.2 times next year's estimated earnings.

For an analyst ratings summary and ratings history on Best Buy click here. For more ratings news on Best Buy click here.

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