Pali Research Downgrades Best Buy (BBY) to Neutral
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Pali Research downgrades Best Buy (NYSE: BBY) from Buy to Neutral.
The firm said it believes shares of Best Buy will trade in a range over the next year and does not see any near-term catalysts that could move the stock.
Pali lowered its Q4 EPS estimate from $1.76 to $1.66 due to Best Buy's lowered guidance announcement on Friday. The firm said it also expects Best Buy to report same store sales for FY09 of about -1% growth.
Best Buy Co., Inc. operates as a specialty retailer of consumer electronics, home-office products, entertainment software, appliances, and related services primarily in the United States, Canada, and China.
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