UBS Lowers Price Target of Best Buy (BBY)

Analysts at UBS lowered the price target for electronics retailer Best Buy Co., Inc. (BBY) on Monday.

The firm maintains a “Neutral” rating for BBY, but lowered its valuation to $14.50. The new target is a +5.5% increase to Friday’s closing price of $13.75.

Best Buy shares were up 55 cents, or +4.00%, in premarket trading on Monday.

The Bottom Line
Shares of Best Buy (BBY) have a 4.95% dividend yield, based on Friday’s closing stock price of $13.75. The stock has technical support in the $11.50-$12.00 price area. If the shares can firm up, we see overhead resistance around the $16-$18 price levels.

Best Buy Co., Inc. (BBY) is not recommended at this time, holding a DARS™ Rating of 2.9 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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