Stock Markets

Bank of America downgrades Best Buy to neutral

Bank of America Merrill Lynch lowered the firm's rating of Best Buy to neutral from buy on slowing growth and risk to key products.

StockMarketNews.Today


Bank of America downgrades Best Buy to neutral ‘after several years of outsized growth’ — “We continue to see [Best Buy] as one of the highest quality hardline names but after several years of outsized growth and likely less opportunity for big beat and raise quarters, it is harder to justify,” the firm’s analyst Curtis Nagle said in a note Tuesday.

The consumer electronics industry saw a slowdown in the third quarter and expects there is “less chance for a big” same store sales result for Best Buy in the year ahead. Specifically, Nagle said he sees a “risk from key products for at least the next few quarters.”

“The biggest risks from a product perspective are TVs, gaming, Apple products and possibly appliances. Collectively we estimate these products are close to 50% of sales,” Nagle said. The firm lowered its price target on Best Buy shares to $70 a share from $92 a share.



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More News On BestBuy: The Best Buy Black Friday hours 2018 (NYSE:BBY) are officially out and bargain hunters have plenty to be excited about because the retail chain has plenty of great deals that you can access beginning on Thanksgiving Day, much like every other major retailer in the U.S.

Best Buy Black Friday Hours 201 There is tons of pressure on major retailers such as this one to start selling products at a huge discount on Thanksgiving Day in order to get a head start over the competition for Black Friday shopping, although most of its major competitors have already changed its hours as well, meaning the move is necessary to simply keep up with the competition.

The company said that the Best Buy Black Friday hours 2018 will begin as early as Thanksgiving Day, which falls on November 22 this year, at 5 p.m. in your local store. This means that if you’d like to get gifts before everyone else in your town, consider driving up one time zone ahead to beat them to it.



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Best Buy stores will close at 1 p.m. on Thanksgiving Day before reopening again on Black Friday at 8 a.m., which is when most of the shopping will take place as the stores will be open all day.

Best Buy Co Inc Company Profile: Best Buy Co., Inc. is a provider of technology products, services and solutions. The Company offers products and services to the customers visiting its stores, engaging with Geek Squad agents, or using its Websites or mobile applications. It has operations in the United States, Canada and Mexico.

The Company operates through two segments: Domestic and International. The Domestic segment consists of the operations in all states, districts and territories of the United States, under various brand names, including Best Buy, bestbuy.com, Best Buy Mobile, Best Buy Direct, Best Buy Express, Geek Squad, Magnolia Home Theater, and Pacific Kitchen and Home.



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The International segment consists of all operations in Canada and Mexico under the brand names, Best Buy, bestbuy.com.ca, bestbuy.com.mx, Best Buy Express, Best Buy Mobile and Geek Squad. As of December 31, 2016, the Company operated 1,200 large-format and 400 small-format stores throughout its Domestic and International segments.

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