Investing.com -- Jefferies downgraded Best Buy, a U.S. consumer electronics retailer to Hold from Buy, saying the market already reflects an optimistic outlook for second-quarter comparable sales while earnings upside beyond that could prove more limited amid softer consumer demand and rising cost pressures. Best Buy was downgraded to Hold, with Jefferies maintaining its $85 price target, implying little upside from the previous close of $85.25. Jefferies said demand could weaken further next year as higher DRAM memory costs lift laptop prices and dampen PC replacement purchases. However, it believes those gains are likely to be offset by slowing PC demand, tougher comparisons and uncertainty surrounding the company's new leadership team. Related articlesJefferies downgrades Best Buy to Hold on slowing demand, memory cost concernsNvidia's new Alpamayo project: What it means for Tesla?