Best Buy Co Inc (NYSE:BBY) is 3% lower to trade at $60.50 at last glance, after a Goldman Sachs downgraded the retail stock to "sell" from "buy," and cut its price-target cut to a Street-low $59 from $76. The analyst in coverage cited higher memory costs could pose a risk to sales moving forward.
BBY is down 9.5% so far in 2026 and has shed nearly 22% over the last six months. The security is trading just shy of a 52-week low of $59.16 on April 16, but support is holding at the $60, which contained pullbacks in late and early March.
Options traders lean bearish, per BBY's 10-day put/call volume ratio of 1.34 at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which sits higher than 89% of readings from the last year.
Overall options volume is running at double the intraday average volume today, with 1,834 calls and 1,698 puts exchanged so far. The most popular contract by far is the April 60 put. Options look like a solid route to bet on BBY's next moves, per its Schaeffer's Volatility Index (SVI) of 37% that sits in the low 12th percentile of annual readings.
