UBS Maintains a 'Neutral' on Best Buy (BBY); Shut 'em Down
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Price: $86.42 +1.25%
Rating Summary:
7 Buy, 25 Hold, 5 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
7 Buy, 25 Hold, 5 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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UBS maintains a 'Neutral' on Best Buy (NYSE: BBY) price target cut from $26 to $23.50.
Analyst, Michael Lasser, said, "Over the weekend, BBY disclosed a list of the stores that will be closed as part of its restructuring program. The stores span 22 states & there is no clear pattern on the type of location that is slated to be closed. There are some newer locations near lower-income demographics (like East Harlem, NY) & some early spots serving higher-income areas (like Edina, MN). Our inter pretation is that means all the company’s remaining big box stores could be future candidates for consolidation."
Lasser's other points included: 1) Progress will take time and there is no rush to the stock amid uncertainty; and Valuation: Despite the inexpensive stock, there is no near-term catalyst.
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 $22.04 yesterday.
Analyst, Michael Lasser, said, "Over the weekend, BBY disclosed a list of the stores that will be closed as part of its restructuring program. The stores span 22 states & there is no clear pattern on the type of location that is slated to be closed. There are some newer locations near lower-income demographics (like East Harlem, NY) & some early spots serving higher-income areas (like Edina, MN). Our inter pretation is that means all the company’s remaining big box stores could be future candidates for consolidation."
Lasser's other points included: 1) Progress will take time and there is no rush to the stock amid uncertainty; and Valuation: Despite the inexpensive stock, there is no near-term catalyst.
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 $22.04 yesterday.
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