Best Buy Numbers Lowered by UBS and Jefferies (BBY)
On Wednesday analysts at UBS and Jefferies dropped price targets and earnings estimates for Best Buy Co., Inc. (BBY) following a weak report and outlook.
The analysts at UBS give Best Buy a price target of $12.50, a +5% increase from Tuesday’s closing price of $11.96. The firm gives BBY a “Neutral” rating.
Jefferies analysts value BBY shares at $13, a +9% increase from Tuesday’s closing price. The firm maintains a “Hold” rating.
Both UBS and Jefferies have reduced estimates after Best Buy’s poor earnings report on Tuesday. They see BBY struggling to grow in the future as it is becoming more expensive for the company to compete and fix its problems.
Best Buy shares were down 9 cents, -0.75%, in premarket trading on Wednesday. BBY stock is down -48.82% year-to-date.
The Bottom Line
Shares of Best Buy (BBY) have a 5.69% dividend yield, based on last night’s closing stock price of $11.96. The stock has technical support in the $10 price area. If the shares can firm up, we see overhead resistance around the $14.00-$14.50 price levels.
Best Buy Co., Inc. (BBY) is not recommended at this time, holding a Dividend.com DARS™ Rating of 2.9 out of 5 stars.
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