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Downgrade Alert for Best Buy (BBY)

By James Quinn

Best Buy (NYSE:BBY) was downgraded from Buy to Hold at Jefferies today. The stock closed yesterday at $34.51 on volume of 4.8 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 13.2% based on a current price of $34.51 and analysts' consensus price target of $39.08. The stock should discover initial support at its 200-day moving average (MA) of $32.44 and subsequent support at its 50-day MA of $32.36.

In the past 52 weeks, shares of Best Buy have traded between a low of $25.31 and a high of $39.10 and closed yesterday at $34.51, which is 36% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.3%.

SmarTrend recommended that subscribers consider buying shares of Best Buy on July 26th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $32.89. Since that recommendation, shares of Best Buy have risen 6.0%. We continue to monitor BBY for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: analyst upgrades/downgrades Best Buy

Ticker(s): BBY