Best Buy: Major Top On Upgrade

Published 10/17/2013, 03:48 PM
Updated 07/09/2023, 06:31 AM

Oppenheimer upgraded Best Buy Co., Inc. (BBY), Thursday, giving the retailer an outperform rating with a $50 price target.

It's Insane!
The top, in my opinion, is now in. First, who in the world would upgrade a stock that is already up 250% in the last year? Where was the upgrade when it was trading under $12 per share? This is just insanity and classic chasing by an analyst who was late to the party. If you look at stocks like Apple (AAPL) you can clearly see that upgrades at epic highs tend to mark a top in the stock.

Next, the technical chart is not only extremely overbought, but it just filled a major gap. And that represents a major level for a pull back that should begin as early as Friday. Lastly, for those that have learned the PPT Methodology, please note the daily time count. Just another signal the stock is ready to pull back.

Ready For A Pull Back
Best Buy has had a great run. I'm not looking to take anything away from it. I am just recognizing that the stock is ready to pull back over the next few months.
Best Buy
Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.