UPDATE: Oppenheimer Downgrades Best Buy (BBY) to Perform; Investors Should Stick to Quality, Says Analyst
Get Alerts BBY Hot Sheet
Rating Summary:
9 Buy, 21 Hold, 5 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 9 | Down: 7 | New: 39
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Oppenheimer downgraded Best Buy (NYSE: BBY) from Outperform to Perform and removed its price target (prior $43.00). Analyst Brian Nagel pointed out uncertainties in the consumer electronics product cycle, and he said investors are best served sticking with quality and safety.
"Over the past couple of years, under the leadership of a new senior management team, BBY has undertaken a significant corporate retrenchment and repositioning. BBY is now steamlined, much more capital disciplined, and significantly better positioned to compete online. We remain decidedly impressed with successes at BBY. Our downgrade of shares reflects external factors and our view that in a period of potentially constrained consumer spending that investors are unlikely to award shares of BBY a higher multiple, particularly given nearer-term uncertainties in the Consumer Electronics Product Cycle," said Nagel.
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 $26.93 yesterday.
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