Updated from 11:02am EST to include commentary from TheStreet's Rocco Pendola and stock price changes.
NEW YORK (TheStreet) -- Best Buy (BBY - Get Report) announced disappointing quarter-to-date sales on Thursday, and said that the highly promotional landscape this holiday season cut into profit. Shares plummeted 30% as investors exited the stock.
So now that the carnage is over, does Thursday's stunning share drop in Best Buy's stock present a buying opportunity? At least two analysts say no.
UBS analyst Michael Lasser cut his rating on Best Buy to "neutral" from "buy" and slashed his 12-month price target by $19 to $29. Goldman Sachs analyst Matthew Fassler took Best Buy off of Goldman's "Americas Buy List" and also downgraded the stock to a "neutral" rating. He cut his price target by $17 to $28.
Best Buy shares closed down 9% to $24.41 on Friday, a level not seen since April 2013.
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