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Bank of America Downgrades Best Buy (BBY)

Posted: 12/10/2012 9:49:00 AM
Referenced Stocks: 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 DARS™ Rating of 2.9 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .