BofA/Merrill Lynch Downgrades Best Buy (BBY) to Underperform

(Updated at 7:35 AM changes prior rating to Buy vs Neutral.)

BofA/Merrill Lynch downgraded Best Buy (NYSE: BBY) from Buy to Underperform with a price target of $32.00 (from $45.00). Analyst Denise Chai noted comp risk, a mixed product cycle and limited catalysts for multiple expansion.

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 $34.90 yesterday.

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