Seeking Alpha

BofAML defends Best Buy with upgrade, says retailer "still offers opportunity"

  • BofAML upgrades Best Buy (BBY -28.6%) to Buy. Although the firm notes that holiday sales disappointed, it believes "these problems [are] short-term in nature and at current levels, BBY still offers opportunity."
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Comments (7)
  • benitus
    , contributor
    Comments (1971) | Send Message
     
    Now, this is what I call real common-sense. Thank you, BofAML, for your honest opinion. As I've said elsewhere, this sudden premarket dip is definitely the work of the ever-present short interest, where BBY is concerned (I'm one of them), so it presents an excellent opportunity to make some quick money, as it's very likely to rebound to around $30 in the near-term at least. Today's rebound above $28 (albeit briefly) during trading hours is indicative of this possibility.
    16 Jan 2014, 05:25 PM Reply Like
  • santoshtejas@gmail.com
    , contributor
    Comments (4) | Send Message
     
    Yes this sound like it will reach $29 tomorrow, Thank you BofaML :)
    I wanted to buy at 27$ today but bit confused.. May be I will buy some shares of BBY tomorrow.
    16 Jan 2014, 08:20 PM Reply Like
  • rprince9000
    , contributor
    Comment (1) | Send Message
     
    Best Buy no longer lives up to its name. When was the last time you saw a product you wanted priced at less than full MSRP at Best Buy? Even TVs, which are supposedly cut-throat priced elsewhere, are higher priced at Best Buy than at most other Brick & Mortar retailers such as Sears, Sam's Club, COSTCO, Target and Walmart. Sorry, but my buying days at BBY are over.
    16 Jan 2014, 08:23 PM Reply Like
  • rljeffers1
    , contributor
    Comment (1) | Send Message
     
    I think in the past this has been true. I get their daily deal email. Have bought a number of items at very competitive prices. I was very impressed with being able to pick up at my local best Buy within an hour.
    17 Jan 2014, 08:37 AM Reply Like
  • benitus
    , contributor
    Comments (1971) | Send Message
     
    Unfortunately, the selling remains unabated yesterday. Nervous sellers came out in force to join the shorts, so that produced quite a sell-out. I bought in at $24.50, so I hope it will turn around soon.
    18 Jan 2014, 09:50 AM Reply Like
  • timojokinen
    , contributor
    Comments (2) | Send Message
     
    BBY drop was panic selling last week and does not make much sense. I bought in first at $26.80 and day later at $25.10 last week. I believe I will make some good old USD's soon. I am a retired airline employee that loves stock trading.
    20 Jan 2014, 04:37 PM Reply Like
  • benitus
    , contributor
    Comments (1971) | Send Message
     
    timo.....you're absolutely right to pick up some of BBY, although you might have moved a tad early for your first purchase. The second purchase is just about right. I started buying in at $25.00 and picked up some more at $24.50 and will continue to do so if it does drop to $24.00 because it should recover to at least $26.00 this week, unless shorting activity continues unabated this week, which I doubt. So, you should pick up some more if it drops below $24, to average out your first purchase. Happy trading.
    21 Jan 2014, 09:57 AM Reply Like
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