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Bank of America Downgrades Best Buy (BBY)
Bank of America announced on Monday that they have downgraded electronics retailer, Best Buy Co., Inc.( BBY ).
The firm, which did not have a previous rating on the company, reported that they have downgraded BBY to a "Underperform," and have given the company a $9 price target. This price target suggests a 30% decrease from the stock's current price of $11.77.
Best Buy shares were down 25 cents, or -2.09% during Monday morning trading.
The Bottom Line
Shares of Best Buy ( BBY ) have a 5.67% dividend yield, based on Friday's closing stock price of $11.99. The stock has technical support in the $10 price area. If the shares can firm up, we see overhead resistance around the $14 price level.
Best Buy Co., Inc.( BBY ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 2.9 out of 5 stars.