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Best Buy Climbs Off Worst Levels But Remains Firmly Negative

Shares of Best Buy Co., Inc. (BBY) have climbed off their worst levels of the day but remain firmly negative in afternoon trading on Monday. After hitting its lowest intraday level in well over a year, Best Buy is currently down by 3.4 percent.

Best Buy initially came under pressure after Bank of America Merrill Lynch downgraded its rating on the consumer electronic retailer's stock to Underperform from Neutral and lowered its price target to $50 per share from $30 per share.

BAML analyst Curtis Nagle cited "deceleration in industry growth trends and continued caution on key product categories such as TVs, Apple products and gaming."

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