Best Buy Co Inc BBY's earnings growth is likely to remain stunted in the near- and medium-term due to a challenging macroenvironment, according to BofA Securities.
The Best Buy Analyst: Elizabeth Suzuki downgraded Best Buy from Neutral to Underperform while reducing the price target from $80 to $69.
The Best Buy Takeaways: Credit and debit card data on spending this holiday season suggests that trends remain “tepid,” Suzuki said in the downgrade note.
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“Consumer electronics (CE) & hobby retail spending specifically declined more than 13% YoY in the month of November, which is just 12% above 2019 levels,” the analyst said.
“We expect 2023 to be another year where consumer spending gets prioritized toward “needs” (food, fuel, maintenance & repair categories) and away from 'wants.'"
BBY Price Action: Shares of Best Buy were down 2.49% at $81.98 midday Wednesday.
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