UBS Maintains a 'Neutral' on Best Buy (BBY); Shut 'em Down

April 16, 2012 10:32 AM EDT Send to a Friend
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Price: $34.61 +2.94%

Rating Summary:
    16 Buy, 8 Hold, 4 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 29 | Down: 44 | New: 4
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UBS maintains a 'Neutral' on Best Buy (NYSE: BBY) price target cut from $26 to $23.50.

Analyst, Michael Lasser, said, "Over the weekend, BBY disclosed a list of the stores that will be closed as part of its restructuring program. The stores span 22 states & there is no clear pattern on the type of location that is slated to be closed. There are some newer locations near lower-income demographics (like East Harlem, NY) & some early spots serving higher-income areas (like Edina, MN). Our inter pretation is that means all the company’s remaining big box stores could be future candidates for consolidation."

Lasser's other points included: 1) Progress will take time and there is no rush to the stock amid uncertainty; and Valuation: Despite the inexpensive stock, there is no near-term catalyst.

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

Shares of Best Buy closed at $22.04 yesterday.


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