What Does Best Buy (BBY) CFO Pick Say about Rumored Buy-out?
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Price: $25.85 +0.82%
Rating Summary:
12 Buy, 9 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 27 | New: 13
Rating Summary:
12 Buy, 9 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 27 | New: 13
Trade BBY Now!
Today we learned that Best Buy (NYSE: BBY) tagged former Williams-Sonoma (NYSE: WSM) employee Sharon McCullam as Chief Financial Officer. Deutsche Bank analyst Mike Baker said this is a "great fundamental move for BBY as she has been one of the most highly regarded CFO within hardlines over the past few years."
"On the other hand," said Baker, "we have some concern that the board hiring a new CFO makes it less likely that they are preparing themselves to accept a buyout bid from Dick Schulze,"
Baker expects a bid from Shulze in mid December, and he says it will likely be below the initial indication of $24 to $26 per share.
Deutsche Bank has a Hold rating on Best Buy (NYSE: BBY) price target of $16.00
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 $15.30 yesterday, with a 52 week range of $14.38-$28.53.
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"On the other hand," said Baker, "we have some concern that the board hiring a new CFO makes it less likely that they are preparing themselves to accept a buyout bid from Dick Schulze,"
Baker expects a bid from Shulze in mid December, and he says it will likely be below the initial indication of $24 to $26 per share.
Deutsche Bank has a Hold rating on Best Buy (NYSE: BBY) price target of $16.00
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 $15.30 yesterday, with a 52 week range of $14.38-$28.53.
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