Electronics retailer Best Buy Co., Inc. ( BBY ) on Tuesday saw its price target and earnings estimates lowered by analysts at Citigroup.
The firm maintained its "Sell" rating on BBY and cut its price target to $23, suggesting a small downside to the stock's Monday closing price of $23.95.
Citigroup also lowered its earnings estimates for the company, citing lower gross margins and expectations of weaker same-store sales.
Best Buy shares rose 35 cents, or +1.5%, in premarket trading Tuesday.
The Bottom Line
Shares of Best Buy ( BBY ) have a 2.67% dividend yield, based on last night's closing stock price of $23.95. The stock has technical support in the $18-$22 price area. If the shares can firm up, we see overhead resistance around the $25-$28 price levels.
Best Buy Co., Inc. ( BBY ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.0 out of 5 stars.
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