KeyBanc Downgrades Best Buy (BBY) to Hold; Stepping to Sidelines

KeyBanc downgraded Best Buy (NYSE: BBY) from Buy to Hold.

KeyBanc analyst says, "Last Thursday and Friday, we attended Best Buy Co., Inc.'s Analyst Day. While we believe management's current initiatives are actually quite thoughtful and will help to bolster Best Buy's longer-term positioning, unfortunately there are no silver bullets to confront the major issues the Company faces. Moreover, we believe 2011 and 2012 top-line results are likely to remain challenged by difficulty in the televisions category and market share losses in computing due to Apple's dominance of the tablet market. Although BBY is currently one of the most inexpensive names in our coverage universe, we believe the stock lacks a catalyst. As such, we're stepping to the sidelines."

For more ratings news on Best Buy click here and for the rating history of Best Buy click here.

Shares of Best Buy closed at $28.85 yesterday.

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