Goldman Sachs Abandons Its Conviction Buy On Best Buy

Best Buy Co Inc (NYSE: BBY) shares are trading lower by $1.28 at $29.48in Friday's session. Before the open, Goldman Sachs downgraded the issue from Conviction Buy all the way Neutral, but strangely raised its price target from $32 to $33.

The issue, which had just recovered from its beating following poor post holiday comps, had rallied from its January 15 low ($25.31 to $30.91 on Thursday) is now back under $30.

After bottoming at $29.35 off the open, it rallied but came nowhere Thursday's closing price ($30.75), only reaching $30.27. Since making that high, it has been drifting back toward the lows for the day.