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Downgrade Alert for Best Buy (BBY)

By Shiri Gupta

Best Buy (NYSE:BBY) was downgraded from Buy to Hold at Deutsche Bank today. The stock closed yesterday at $32.07 on volume of 13.5 million shares, above average daily volume of 3.4 million.

Best Buy Co., Inc. retails consumer electronics, home office products, entertainment software, appliances and related services through its retail stores, as well as its web site. The Company also retails pre-recorded home entertainment products through retail stores.

Best Buy (NYSE:BBY) has potential upside of 21.8% based on a current price of $32.07 and analysts' consensus price target of $39.08. The stock should run into initial resistance at its 50-day moving average (MA) of $32.36 and subsequent resistance at its 200-day MA of $32.44.

Best Buy share prices have moved between a 52-week high of $39.10 and a 52-week low of $25.31 and closed yesterday at 27% above that low price at $32.07 per share. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.3%.

SmarTrend is tracking the current trend status for Best Buy and will alert subscribers who have BBY in their portfolio or watchlist when shares have changed trend direction.

Keywords: analyst upgrades/downgrades Best Buy

Ticker(s): BBY