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Actionable news in BBY: BEST BUY COMPANY Inc,

Best Buy downgraded on fears of slowing sales of consumer electronics

Latest government estimates show a slowdown at consumer-electronics stores.

RBC Capital Markets downgraded Best Buy Co. to sector perform from outperform over concerns about declining consumer-electronics sales.

The latest estimates from the U.S. Census Bureau show that adjusted sales at electronics and appliance stores for the month of October totaled $8.63 billion, down from $8.99 billion in October 2014. Adjusted sales for September 2015 were $8.67 billion, a decrease from $9.03 billion for the same period a year earlier.

“Specifically, government sales data for consumer electronics/appliances has continued to weaken on both a one- and two-year basis, and the last time we saw multiple months of negative consumer electronic retail sales growth (before this current streak) was late 2013/early 2014, when Best Buy missed its holiday sales plan,” RBC wrote in a note.

The bank...


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