Best Buy's (BBY) Apple Driven Selloff Is Overdone - Barclays

Barclays analyst, Matthew McClintock, reiterated his Overweight rating on shares of Best Buy (NYSE: BBY) despite the likely negative consequences for retailers carrying Apple's product in the wake of the iPhone preannouncement.

The analyst stated "BBY has only 6% market share of the mobile phone category and estimate that the company roughly has 50/50 mix of iPhone vs. other Apple product sales. We also believe that BBY would likely be viewed as a priority partner with AAPL for products that face “supply constraints”. While BBY is likely not immune from the challenges discussed in AAPL’s pre-announcement, we believe many of those challenges were well known and more than accounted for in the ~18% decline in BBY’s stock in December vs. a ~9% decline in the S&P 500".

No change to the price target of $90.

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 $52.30 yesterday.

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