Bank of America Merrill Lynch Reiterates Underperform Rating, $9 PT on Best Buy Co.

In a report published Friday, Bank of America Merrill Lynch reiterated its Underperform rating and $9.00 price target on Best Buy Co.

. BofA Merrill Lynch noted, “As stated by Best Buy this morning, the company has come to an agreement with Richard Schulze to extend the offer deadline from mid-December to February. Under the amended terms, Mr. Schulze will now be able to see the company's full year results (including the important holiday sales which will be released in January) as part of the due diligence process. Mr. Schulze will now have the opportunity to give a new proposal to the Board ‘on or after February 1, 2013 through February 28, 2013.' Following, the Board, within 30 days, will review and respond to the offer.” Best Buy Co. closed on Thursday at $12.36.