Best Buy Co. Upgraded by Merrill Lynch to Buy (BBY)
Best Buy Co. (NYSE:BBY) was upgraded by Merrill Lynch to a “buy” rating in a research note issued on Friday, StockRatingsNetwork reports.
Several other analysts have also recently commented on the stock. Analysts at JPMorgan Chase & Co. reiterated a “buy” rating on shares of Best Buy Co. in a research note to investors on Friday. They now have a $34.00 price target on the stock, down previously from $49.00. Separately, analysts at Jefferies Group reiterated a “buy” rating on shares of Best Buy Co. in a research note to investors on Friday. They now have a $38.00 price target on the stock, down previously from $52.00. Finally, analysts at Telsey Advisory Group cut their price target on shares of Best Buy Co. from $50.00 to $33.00 in a research note to investors on Friday. They now have a “buy” rating on the stock. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty have given a buy rating to the company. Best Buy Co. currently has a consensus rating of “Buy” and an average target price of $41.74.
Best Buy Co. (NYSE:BBY) traded down 8.95% on Friday, hitting $24.43. The stock had a trading volume of 60,343,200 shares. Best Buy Co. has a 52 week low of $13.83 and a 52 week high of $44.66. The stock’s 50-day moving average is $39.74 and its 200-day moving average is $37.13. The company’s market cap is $8.453 billion. Best Buy Co. also saw some unusual options trading activity on Tuesday. Traders purchased 46,371 call options on the stock. This is an increase of approximately 184% compared to the typical daily volume of 16,326 call options.
Best Buy Co. (NYSE:BBY) last issued its quarterly earnings data on Tuesday, November 19th. The company reported $0.18 EPS for the quarter, beating the Thomson Reuters 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 prior year, the company posted $0.03 earnings per share. The company’s quarterly revenue was down .2% on a year-over-year basis. On average, analysts predict that Best Buy Co. will post $2.27 earnings per share 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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