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Citi Upgrades Best Buy (BBY) Amid Valuation Call; Sees LBO 'Highly Unlikely'

June 14, 2012 7:42 AM EDT Send to a Friend
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Price: $31.89 -1.09%

Rating Summary:
    16 Buy, 8 Hold, 4 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 3 | Down: 4 | New: 7
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An analyst at Citi upgraded shares of Best Buy (NYSE: BBY) from Sell to Neutral Thursday morning.

With the stock down more than 30 percent since early 2011, the Citi analyst sees the risk/reward more appropriate at current levels. The analyst believes a leveraged buyout of Best Buy is "highly unlikely," attaching a chance less than 20 percent. The large size of a possible deal as well as limits related to the retailers margin and square footage profile will create issues, Citi said.

In the pre-market session Thursday, Best Buy shares have not yet moved from Wednesday's close at $19.40, however the bid/ask indicates a higher open.

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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