Total revenue came in at $8.82 billion, slightly below estimates of $8.83 billion, with sales gains achieved in the computing, appliance, health and wearable devices and large screen television categories. The global business produced a non-GAAP operating loss of $8 million, bringing year-to-date losses to $56 million.
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Vetr upgraded shares of Best Buy Co (NYSE:BBY) from a buy rating to a strong-buy rating in a research note released on Monday morning, Market Beat Ratings reports.
Best Buy Co. posted third-quarter sales that trailed analysts’ estimates, hurt by lackluster demand for tablets. Thomson Reuters had a consensus analyst price target of around $41.21 before the results were announced, with a high target of $50.00. Following the completion of the transaction, the insider now directly owns 104,959 shares of the company’s stock, valued at approximately $4,043,020.68. Oppenheimer restated a buy rating and issued a $43.00 price objective on shares of Best Buy Co in a report on Friday, August 7th.
Best Buy Co (NYSE:BBY) opened at 31.33 on Monday.
Analysts expect holiday shoppers to be less interested in electronics products this year, with one prominent market research firm, NPD Group, forecasting a 4 percent decline for electronics retailers during the last three months of the fiscal year.
The company shares have dropped -9.37% from its 1 Year high price.
Management warned that Best Buy faces hard comparisons for the fourth quarter this year. EPS for this quarter in 2014 was $0.32.
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Best Buy Co., Inc.is a supplier of technology products, services and solutions. Moreover, the Company manages Magnolia Home Theater, Magnolia Design Center and Pacific Kitchen and Home store-within-a-store experiences in the United States Best Buy stores. (NYSE:BBY) rose 2.02% or 0.62 points on Wednesday and made its way into the gainers of the day. The Company operates e-commerce operations, retail stores and call centers and conduct operations under a variety of names, such as Best Buy (BestBuy.com, BestBuy.ca), Best Buy Mobile, Five Star, Future Shop (FutureShop.ca), Geek Squad, Magnolia Audio Video and Pacific Sales. The global section consists of all operations outside the United States and its territories.
