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Home / Business / Best Buy shares fall after the downgrades of Bank of America

Best Buy shares fall after the downgrades of Bank of America



Best Buy shares fell on Monday after Bank of America Merrill Lynch downgraded the stock to underperform (the company is selling), with sales of electronics, including the iPhone, declining: first Child "/>

The company cited "slowing industry growth rates and continuing caution on key product categories such as televisions, Apple products, and games," states analyst Curtis Nagle Monday's announcement. "We're getting more negative as BBY will see a real Comp Miss in the fourth quarter, and we believe the 2019/20 EPS [estimates] is too high."

Nagle also lowered its price target by $ 20 to $ 50. The stock fell 5.8 percent in Monday's trading to $ 52.1

4 on Monday, which should contribute to a 30 percent decline in this quarter during the important Christmas business season. Nagle downgraded the stock to neutral in November.

"We are lowering our estimates for fiscal 18-20-20, which are now 1/6 / 8% below the street," the analyst noted.

Televisions account for 25 percent of Best Buy's total revenue. appreciates Bank of America. And Apple products accounted for 10 percent of sales, the company said.

"We see headwinds related to the iPhone and a new partnership between Apple and Amazon," the statement said.


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