Best Buy downgraded to Neutral from Overweight at JPMorgan

JPMorgan analyst Christopher Horvers downgraded Best Buy (BBY) to Neutral from Overweight with a price target of $76, down from $99. The firm sees a “tough” Q4 report for the company. JPMorgan has concerns that the “unique benefits” Best Buy say from Switch 2 in Q2 and the Windows 10 expiration in October will keep the stock range bound. In addition, higher memory market price will likely diminish the company’s computing sales, the analyst tells investors in a research note.