Deutsche Bank Cuts Best Buy (BBY) to Hold

Deutsche Bank downgraded shares of Best Buy (NYSE: BBY) from Buy to Hold Tuesday morning following the retailer's Q3 results earlier. Deutsche Bank maintains a $34 price target.

The firm said the quarter "hammers home the point that BBY may be able to drive a comp, but will have a difficult time maintaining profit levels to do it as they fight back against newer competitors for share." Deutsche Bank cited gross margins as the cause for the lower profit.

Best Buy shares are currently down nearly 12 percent to $24.77.

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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