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Best Buy (BBY) Traces Higher After Dismal Day

NEW YORK (TheStreet) -- Best Buy (BBY) is slightly higher in early Friday trading after plummeting nearly 30% on Thursday.

By market open, shares have gained 0.6% to $26.99, after taking off 28.6% over Thursday's session.

In a holiday season described as one of the most aggressive in promotional activity, electronic retailer disclosed comparable store sales so far in the fourth quarter had fallen 0.8%, while analysts had expected a 2% rise.

In response, analysts have weighed in on the stockUBS downgraded the stock to "neutral" from "buy" with a $29 price target, pointing to disappointing holiday results and the likelihood product challenges will linger.

Likewise, Goldman Sachs downgraded Best Buy to "neutral" from "buy" with a price target of $28.

However, Bank of America has upgraded the stock to a "buy." The bank says while holiday sales were disappointing, "these problems [are] short-term in nature and at current levels, Best Buy still offers opportunity."

For more in-depth analysis on the analysts' ratings, retail expert Laurie Kulikowski gives her take

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