Best Buy: S&P Intraday Laggard - TheStreet

NEW YORK (

TheStreet

) -- Electronics retailer

Best Buy

(BBY) - Get Report

was the worst-performing stock in the

S&P 500

Friday morning.

The S&P 500 was up 1.34 points, or 0.1%, to 1,404.62.

Shares of Best Buy fell 2.7% to $24.10. The company announced Thursday that it intends to close 50 U.S. stores in 2013 and plans on cutting costs by

$800 million

by fiscal 2015.

Best Buy reported fourth-quarter earnings on Thursday of $2.47 a share, excluding items, on revenue of $16.73 billion; analysts were anticipating earnings of $2.16 a share on revenue of $17.2 billion.

Best Buy has an estimated price-to-earnings ratio for next year of 6.48 times; the average for specialty retailers is 15.98. For comparison,

GameStop

(GME) - Get Report

has a lower forward P/E of 6.52;

Staples'

(SPLS)

forward P/E is 10.02.

Nineteen of the 28 analysts who cover Best Buy rated it hold. Seven analysts gave the stock a buy rating and two rated it sell.

Best Buy's stock was upgraded to

buy from hold

by

TheStreet Ratings

on Friday. It gets a B- grade and a

$30.75

price target from

TheStreet Ratings

. The stock has risen 3.04% year to date.

-- Written by Alexandra Zendrian

>To contact the writer of this article, click here:

Alexandra Zendrian

>To submit a news tip, send an email to:

tips@thestreet.com

.

>To follow the writer on Twitter, go to

Alexandra Zendrian

.