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Get Alerts BBY Hot Sheet
Rating Summary:
8 Buy, 11 Hold, 3 Sell
Rating Trend: Up
Today’s Overall Ratings:
Up: 13 | Down: 16 | New: 25
Goldman Sachs reinstates coverage on Best Buy (NYSE: BBY) with a Buy rating and $25 price target, suggesting 25% upside. The firm said cost cuts will drive improved profitability.
“Management changes are catalyzing a more realistic approach to pricing; substantial cost cuts; and, the beginnings of a more concerted effort online,” the analyst comments.
Q1 results are unlikely to inspire, however, over time costs are likely to track below Street consensus. Also valuation – which is at the low end over their covered universe – suggests the opportunity for outperformance.
For an analyst ratings summary and ratings history on Best Buy click here. For more ratings news on Best Buy click here.
Shares of Best Buy closed at $20.08 yesterday, with a 52 week range of $11.20-$27.95.
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