Best Buy Upgraded to Buy at SunTrust (BBY)

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SunTrust upgraded shares of Best Buy (NYSE: BBY) from a neutral rating to a buy rating in a research report released on Monday morning, TheFlyOnTheWall.com reports. SunTrust currently has $35.00 price objective on the stock.

A number of other firms have also recently commented on BBY. Analysts at Deutsche Bank reiterated a buy rating on shares of Best Buy in a research note to investors on Friday, May 31st. They now have a $31.00 price target on the stock, up previously from $28.00. Separately, analysts at Citigroup raised their price target on shares of Best Buy from $19.00 to $27.00 in a research note to investors on Friday, May 24th. They now have a neutral rating on the stock. Finally, analysts at Barclays Capital reiterated an overweight rating on shares of Best Buy in a research note to investors on Wednesday, May 22nd. They now have a $30.00 price target on the stock.

Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and fifteen have given a buy rating to the company. Best Buy presently has a consensus rating of Hold and an average price target of $27.00.

Shares of Best Buy (NYSE: BBY) opened at 27.40 on Monday. Best Buy has a one year low of $11.20 and a one year high of $28.37. The stock’s 50-day moving average is currently $25.. The company’s market cap is $9.289 billion.

The company also recently declared a quarterly dividend, which is scheduled for Tuesday, July 2nd. Shareholders of record on Tuesday, June 11th will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 2.48%. The ex-dividend date of this dividend is Friday, June 7th.

Best Buy Co, Inc. is a multinational retailer of consumer electronics, computing and mobile phone products, entertainment products, appliances and related services.

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