Deutsche Bank dials up the caution on Best Buy

• Deutsche Bank downgrades Best Buy (BBY +4%) to Hold from Buy and sets a price target of $32 (10X 2017 EPS estimate).
• Analyst Mike Baker bases his caution on three factors: "(1) a leadership transition to a likely well qualified but less proven executive in a key position, (2) a dependence on back half industry sales improvements that may not materialize, and (3) potentially less cost cutting ahead to reinvest in competitiveness."
• Baker ranks #3,202 out of 9,079 analysts ranked in TipRanks.com