Credit Suisse Downgrades Best Buy Co Inc to Neutral with Price Target $31.00

Brokerage firm Credit Suisse Downgrades its rating on Best Buy Co Inc(NYSE:BBY). In a research note issued to the investors, the brokerage major Lowers the price-target to $31.00 per share. The shares have been rated Neutral. Previously, the analysts had a Outperform rating on the shares. The rating by Credit Suisse was issued on Jun 15, 2016.

In a different note, On May 25, 2016, Deutsche Bank said it Downgrades its rating on Best Buy Co Inc. The shares have been rated ‘Hold’ by the firm. On May 25, 2016, Citigroup said it Downgrades its rating on Best Buy Co Inc. The shares have been rated ‘Neutral’ by the firm. On May 25, 2016, Deutsche Bank said it Downgrades its rating on Best Buy Co Inc. The shares have been rated ‘Hold’ by the firm. Barclays said it Initiates Coverage on Best Buy Co Inc, according to a research note issued on Mar 30, 2016. The shares have been rated ‘Overweight’ by the firm.

Best Buy Co Inc (BBY) shares turned negative on Tuesdays trading session with the shares closing down -0.32 points or -1.05% at a volume of 40,67,183. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $30.59. The peak price level was also seen at $30.59 while the days lowest was $30.01. Finally the shares closed at $30.06. The 52-week high of the shares is $39.095 while the 52-week low is $25.31. According to the latest information available, the market cap of the company is $9,702 M.

Best Buy Co Inc(BBY) last announced its earnings results on May 24, 2016 for Fiscal Year 2017 and Q1.Company reported revenue of $8.44B. Analysts had an estimated revenue of $8.29B. Earnings per share were $0.44. Analysts had estimated an EPS of $0.34.

Several Insider Transactions has been reported to the SEC. On Jun 3, 2016, Hubert Joly (Chairman & CEO) sold 398,000 shares at $32.24 per share price.Also, On Jun 1, 2016, Mathew Watson (VP, Finance – Contr. & CAO) sold 1,363 shares at $32.10 per share price.On Mar 11, 2016, Sharon Mccollam (Chief Admin Officer & CFO) sold 511,897 shares at $34.15 per share price, according to the Form-4 filing with the securities and exchange commission.

Best Buy Co. Inc. is a provider of technology products services and solutions. The Company offers service to the consumers small business owners and educators who visit its stores engage with Geek Squad agents or use its Websites or mobile applications. It has retail and online operations in the United States Canada and Mexico. It operates through two segments: Domestic and International. The Domestic segment consists of all operations within the United States and its territories operating e-commerce retail store and call center operations under a range of brand names including Best Buy (bestbuy.com) Best Buy Mobile Geek Squad Magnolia Audio Video and Pacific Sales. The International segment consists of all operations outside the United States and its territories. In addition the Company operates Magnolia Home Theater Magnolia Design Center and Pacific Kitchen and Home store-within-a-store experiences in the United States Best Buy stores.

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