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 stock. UBS 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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