Best Buy Receives Downgrade (BBY)
By Swing Trader
March 15, 2010 7:39 AM
March 15, 2010 7:39 AM
Symbols: BBY
Tags: Oppenheimer
Oppenheimer this morning downgraded Best Buy Co. (NYSE: BBY) and lowered their price target.
The firm remains concerned with the outlook for Best Buy and believes heightened competition and waning expense control opportunities will push Best Buy into a period of lower revenue and earnings growth. Subsequently, the firm lowered their FY2010 and FY2011 EPS estimates to $3.00 and $3.20 from $3.40 and $3.70, respectively.
Oppenheimer lowered their price target on shares of Best Buy to $38 from $44.
Shares of Best Buy closed Friday's session at $40.12. Over the last 52 weeks shares have traded between $27.40 and $45.55.
Best Buy also pays an annual dividend of $0.56 per share.
(c) 2011 Benzinga.com. All rights reserved. This material may not be published in its entirety or redistributed without the approval of Benzinga.
We're Loving
