Citi Reiterates Sell on Best Buy

Citi is out with its report today on Best Buy BBY, reiterating Sell. In a note to clients, Citi writes, "Although 1Q results were slightly better than expectations, cost controls and share buyback were the primary drivers of the beat. BBY recently announced a $5 billion repurchase authorization; however, we believe the near-term impact will be limited given it took the company 5 years to fully execute on its previous share repurchase (of similar size)." Shares of BBY closed Friday at $32.00, up 1.88% from Thursday's close.