Citigroup Inc. restated their buy rating on shares of Best Buy Co. (NYSE:BBY) in a research note issued to investors on Thursday, Analyst Ratings Network.com reports.
“We were one of the few banks to attend CES Unveiled on 11/12. CES is expecting 4.5% sales growth in ’14 (seq > est. ’13 at +0.2%) driven by strength in smartphones, tablets and accessories. The CEA and TV vendors believe that Ultra HD will be a major story in CE for years to come based on customers’ realization of a significant increase in the quality of the picture. They expect 57k units to sell in ’13, 450k units in ’14, 1.2M in ’15, 2.1M in ’16 and ~4M units in ’17.,” the firm’s analyst commented.
In other Best Buy Co. news, major shareholder Richard M. Schulze unloaded 1,708,334 shares of the stock on the open market in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $43.20, for a total value of $73,800,028.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Major shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.
Shares of Best Buy Co. (NYSE:BBY) traded up 0.58% during mid-day trading on Thursday, hitting $43.58. The stock had a trading volume of 1,041,898 shares. Best Buy Co. has a one year low of $11.20 and a one year high of $44.66. The stock’s 50-day moving average is $41.00 and its 200-day moving average is $33.07. The company’s market cap is $14.883 billion.
Best Buy Co. (NYSE:BBY) last posted its quarterly earnings results on Tuesday, August 20th. The company reported $0.32 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.12 by $0.20. The company had revenue of $9.30 billion for the quarter, compared to the consensus estimate of $9.13 billion. During the same quarter in the previous year, the company posted $0.26 earnings per share. The company’s revenue for the quarter was down .4% on a year-over-year basis. Analysts expect that Best Buy Co. will post $2.40 EPS for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at SunTrust raised their price target on shares of Best Buy Co. from $46.00 to $55.00 in a research note to investors on Wednesday. They now have a buy rating on the stock. Separately, analysts at Telsey Advisory Group raised their price target on shares of Best Buy Co. from $42.00 to $50.00 in a research note to investors on Monday. They now have a not rated rating on the stock. Finally, analysts at Jefferies Group reiterated a buy rating on shares of Best Buy Co. in a research note to investors on Monday. They now have a $52.00 price target on the stock, up previously from $40.00. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and twenty have assigned a buy rating to the stock. Best Buy Co. presently has a consensus rating of Buy and an average target price of $47.84.
Best Buy Co, Inc is a multinational retailer of consumer electronics, computing and mobile phone products, entertainment products, appliances and related services.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.