Best Buy Slumps 3% as Goldman Cuts Target to $59 on Memory Cost Risk
Best Buy shares fell 3% to $60.50 after Goldman Sachs downgraded the stock to sell and cut its price target to $59 from $76. YTD shares are down 9.5% and trading near a 52-week low, while options traders favor puts on higher memory cost concerns.
1. Analyst Downgrades and Price Cut
Goldman Sachs downgraded Best Buy from buy to sell and slashed its price target to $59 from $76, warning that rising memory costs could weigh on PC and laptop sales.
2. Stock Performance Trends
Best Buy shares have fallen 9.5% in 2026 and 22% over the past six months, trading just above a 52-week low of $59.16 with technical support forming at the $60 level.
3. Options Traders Turn Bearish
Options volume has doubled the intraday average, with a 10-day put/call ratio at 1.34—higher than 89% of annual readings—and the April 60 put emerging as the most active contract.