"Cyclical and secular headwinds suggest a tough consumer electronic retail street could get tougher in 2017," the firm wrote in a note.
"I have a problem with the note," Virtus Investment Partners Chief Market Strategist Joe Terranova said on CNBC's "Fast Money Halftime Report" today.
"When you have a stock that in the last year has gone from $25 to basically $38, you have to acknowledge there's some form of fundamental turn, there is some tailwind that the company experienced, otherwise the stock doesn't go from $25 to $38," he explained.
The entire time that Best Buy was ascending in share price, Evercore maintained a "hold" rating on the stock, that is until it hit the $38 level.
"Now it's at $38, and they're going to place it at a sell. You don't go sell on this stock. You might go in and get some protection, you might put a stop in on the stock, but you don't go sell the stock," Terranova contended.
The sell rating on the stock is misplaced, he believes, because the stock could easily breakout from its long-term resistance level of $40 at which point, "everyone comes surging in," he added.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of B on the stock.
The company's strengths can be seen in multiple areas, such as its increase in net income, revenue growth, attractive valuation levels, good cash flow from operations and impressive record of earnings per share growth.