Goldman Lowers Price Target For Best Buy (GS, BBY)

Goldman Sachs has maintained its ‘Buy’ rating for Best Buy BBY. The company missed its estimates for the first quarter, but it is likely to post in-line results in the future. Its gross profits exceeded expectations even excluding one-time benefits. However, its expenses were disappointing, which drove forecasts down. Its SG&A are controllable as the company has a track record of rebounding from expense misses. Goldman Sachs (GS) has rated Best Buy (BBY) as an ‘Outperform’ and has given it a price target of $46 down from their previous target of $47. During today's trading session, BBY has fallen 0.96% to $38.19.