Best Buy downgraded to Underperform at BofA on challenging demand environment

As previously reported, BofA analyst Elizabeth Suzuki downgraded Best Buy to Underperform from Neutral with a price target of $69, down from $80. She has lowered her earnings estimates to account for a challenging demand environment in the near-term and sees it being a tough environment for Best Buy to achieve earnings growth in both the near- and medium-term, Suzuki tells investors. She sees few positive catalysts in the next 12 months and more relative upside in other stocks in her coverage over that time period, the analyst added.