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Best Buy’s Target, Estimates Cut at Goldman Sachs (BBY)

Electronics retailer Best Buy Co., Inc. ( BBY ) on Monday saw its price target and earnings estimates lowered by analysts at Goldman Sachs.

The firm said it now expects BBY shares to reach $29, suggesting a smaller 17% upside to the stock's Friday closing price of $24.79. Goldman also lowered its earnings estimates for the company and maintained its "Neutral" rating, citing weaker TV and PC demand.

Best Buy shares rose 21 cents, or +0.9%, in premarket trading Monday.

The Bottom Line

Shares of Best Buy ( BBY ) have a 2.58% dividend yield, based on Friday's closing stock price of $24.79. The stock has technical support in the $22 price area. If the shares can firm up, we see overhead resistance around the $28-$30 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.

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

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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