Best Buy Co. Upgraded to “Buy” at Bank of America Corp. (BBY)
Best Buy Co. (NYSE:BBY) was upgraded by investment analysts at Bank of America Corp. to a “buy” rating in a note issued to investors on Thursday, Analyst RN reports.
A number of other firms have also recently commented on BBY. Analysts at KeyCorp cut their EPS estimates on shares of Best Buy Co. in a research note on Thursday. They now have a “buy” rating on the stock. Separately, analysts at UBS AG downgraded shares of Best Buy Co. from a “buy” rating to a “neutral” rating in a research note to investors on Thursday. Finally, analysts at Oppenheimer downgraded shares of Best Buy Co. from a “buy” rating to a “market perform” rating in a research note to investors on Thursday. They now have a $30.00 price target on the stock, down previously from $50.00. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and nineteen have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $47.44.
Shares of Best Buy Co. (NYSE:BBY) traded down 28.61% on Thursday, hitting $26.82. 74,462,880 shares of the company’s stock traded hands. Best Buy Co. has a 1-year low of $13.83 and a 1-year high of $44.66. The stock has a 50-day moving average of $40.13 and a 200-day moving average of $37.21. The company’s market cap is $9.280 billion. Best Buy Co. also saw unusually large options trading on Tuesday. Traders purchased 46,371 call options on the stock. This represents an increase of 184% compared to the average volume of 16,326 call options.
Best Buy Co. (NYSE:BBY) last released its earnings data on Tuesday, November 19th. The company reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.07. The company had revenue of $9.36 billion for the quarter, compared to the consensus estimate of $9.36 billion. During the same quarter in the previous year, the company posted $0.03 earnings per share. The company’s revenue for the quarter was down .2% on a year-over-year basis. Analysts expect that Best Buy Co. will post $2.44 EPS for the current fiscal year.
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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