Citi Maintains Sell on Best Buy

Citi is out with its report today on Best Buy BBY, maintaining Sell. In a note to clients, Citi writes, "We continue to see downside risk from current levels based on 1) likely further multiple contraction given the company's limited NT EPS growth prospects, 2) continued GM% pressure driven by a commoditizing product channel/competitive pressures, and 3) long-term concerns on the size of the box and international prospects." At the time of posting, shares of BBY were trading pre-market at $28.68, up 0.88% from Friday's close.