Best Buy Co. Stock Rating Reaffirmed by Bank of America Corp. (BBY)
Best Buy Co. (NYSE:BBY)‘s stock had its “hold” rating reiterated by equities research analysts at Bank of America Corp. in a research note issued to investors on Wednesday, AnalystRatings.Net reports. They currently have a $38.00 price target on the stock. Bank of America Corp.’s price target points to a potential downside of 6.45% from the stock’s previous close.
Best Buy Co. (NYSE:BBY) traded up 2.17% during mid-day trading on Wednesday, hitting $41.50. 8,229,969 shares of the company’s stock traded hands. Best Buy Co. has a 52 week low of $11.20 and a 52 week high of $41.46. The stock has a 50-day moving average of $37.7 and a 200-day moving average of $30.18. The company’s market cap is $14.173 billion.
Best Buy Co. (NYSE:BBY) last posted its quarterly earnings results on Tuesday, August 20th. The company reported $0.32 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.12 by $0.20. The company had revenue of $9.30 billion for the quarter, compared to the consensus estimate of $9.13 billion. During the same quarter last year, the company posted $0.26 earnings per share. Best Buy Co.’s revenue was down .4% compared to the same quarter last year. On average, analysts predict that Best Buy Co. will post $2.39 earnings per share for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at Stifel Nicolaus raised their price target on shares of Best Buy Co. to $48.00 in a research note to investors on Wednesday. They now have a “buy” rating on the stock. Separately, analysts at Cleveland Research reiterated a “buy” rating on shares of Best Buy Co. in a research note to investors on Tuesday. Finally, analysts at Barclays raised their price target on shares of Best Buy Co. from $38.00 to $50.00 in a research note to investors on Monday, September 23rd. They now have an “overweight” rating on the stock. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and nineteen have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $39.22.
In other Best Buy Co. news, major shareholder Richard M. Schulze unloaded 1,708,334 shares of the company’s stock on the open market in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $37.78, for a total value of $64,540,858.52. The sale was disclosed in a filing with the SEC, which is available at this link. Major shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.
Best Buy Co, Inc is a multinational retailer of consumer electronics, computing and mobile phone products, entertainment products, appliances and related services.
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