Best Buy’s Price Target, Earnings Estimates Cut at Goldman Sachs (BBY)

in Gold Gold Investing by admin — March 9, 2010 7:25 am | no comments

Electronics retailer Best Buy Co., Inc. ( BBY ) on Tuesday saw its price target and earnings estimates lowered by analysts at Goldman Sachs. The analyst cut its price target for BBY shares, which had closed at $39.35 on Monday, to $44. Goldman also lowered its earnings estimates for the company, citing lower expected margins, and maintained its “Neutral” on the stock. Best Buy shares were mostly flat in premarket trading Tuesday. The Bottom Line We removed shares of BBY from our “recommended” list last May 13, when the stock was trading at $37.06. The company has a 1.42% dividend yield, based on last night’s closing stock price of $39.35. The stock has technical support in the $35 price target. If the shares can firm up, we see overhead resistance around the $43-$45 price levels. We would remain on the sidelines for now. Best Buy Co., Inc. ( BBY ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 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 .