Evercore ISI downgraded shares of Best Buy Co. (NYSE:BBY) from a hold rating to a sell rating in a research note published on Tuesday morning. The analysts noted that the move was a valuation call.

BBY has been the topic of several other research reports. Citigroup Inc. raised their target price on shares of Best Buy from $32.00 to $40.00 and gave the stock a neutral rating in a report on Wednesday, August 24th. BTIG Research reiterated a buy rating on shares of Best Buy in a report on Tuesday, August 2nd. Bank of America Corp. reiterated a sell rating and issued a $29.00 price target on shares of Best Buy in a report on Wednesday, August 24th. Deutsche Bank AG lifted their price target on shares of Best Buy from $32.00 to $41.00 and gave the company a hold rating in a report on Wednesday, August 24th. Finally, Zacks Investment Research cut shares of Best Buy from a strong-buy rating to a sell rating in a report on Tuesday, October 25th. Four equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and ten have assigned a buy rating to the company’s stock. The stock currently has an average rating of Hold and an average target price of $37.84.

Analyst Recommendations for Best Buy (NYSE:BBY)

Best Buy (NYSE:BBY) opened at 39.98 on Tuesday. The firm has a market cap of $12.68 billion, a P/E ratio of 13.01 and a beta of 1.51. The firm’s 50-day moving average is $38.70 and its 200 day moving average is $34.59. Best Buy has a 12-month low of $25.31 and a 12-month high of $40.58.

Best Buy (NYSE:BBY) last issued its earnings results on Tuesday, August 23rd. The technology retailer reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.14. Best Buy had a net margin of 2.62% and a return on equity of 22.44%. The firm had revenue of $8.53 billion for the quarter, compared to analysts’ expectations of $8.40 billion. During the same quarter last year, the business earned $0.49 earnings per share. The business’s revenue was up .1% on a year-over-year basis. Equities analysts forecast that Best Buy will post $3.05 earnings per share for the current year.

In other Best Buy news, VP Mathew Watson sold 1,030 shares of the stock in a transaction dated Thursday, August 25th. The stock was sold at an average price of $39.45, for a total value of $40,633.50. Following the completion of the sale, the vice president now directly owns 18,876 shares in the company, valued at $744,658.20. The transaction was disclosed in a document filed with the SEC, which is available at this link. 1.21% of the stock is owned by company insiders.

A number of large investors have recently added to or reduced their stakes in the stock. Convergence Investment Partners LLC boosted its stake in Best Buy by 63.6% in the third quarter. Convergence Investment Partners LLC now owns 106,966 shares of the technology retailer’s stock worth $4,084,000 after buying an additional 41,594 shares during the period. Laurion Capital Management LP boosted its stake in Best Buy by 44.1% in the third quarter. Laurion Capital Management LP now owns 20,900 shares of the technology retailer’s stock worth $798,000 after buying an additional 6,400 shares during the period. Morgan Stanley boosted its stake in Best Buy by 20.3% in the third quarter. Morgan Stanley now owns 814,552 shares of the technology retailer’s stock worth $31,099,000 after buying an additional 137,582 shares during the period. Acrospire Investment Management LLC boosted its stake in Best Buy by 12,400.0% in the third quarter. Acrospire Investment Management LLC now owns 12,500 shares of the technology retailer’s stock worth $477,000 after buying an additional 12,400 shares during the period. Finally, Paradigm Capital Management Inc. NY boosted its stake in Best Buy by 1.1% in the third quarter. Paradigm Capital Management Inc. NY now owns 59,300 shares of the technology retailer’s stock worth $2,264,000 after buying an additional 650 shares during the period. Institutional investors own 87.44% of the company’s stock.

Best Buy Company Profile

Best Buy Co, Inc is a provider of technology products, services and solutions. The Company offers products and services to the customers visiting its stores, engaging with Geek Squad agents or using its Websites or mobile applications. It operates through two segments: Domestic and International. The Domestic segment consists of the operations in all states, districts and territories of the United States, under various brand names, including Best Buy, bestbuy.com, Best Buy Mobile, Best Buy Direct, Best Buy Express, Geek Squad, Magnolia Home Theater, and Pacific Kitchen and Home.

5 Day Chart for NYSE:BBY

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