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