Updated from 11:02am EST to include commentary from TheStreet's Rocco Pendola and stock price changes.
NEW YORK (TheStreet) -- Best Buy (BBY) 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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV