Best Buy Likely To Report Lower Q1 Earnings; Here Are The Recent Forecast Changes From Wall Street's Most Accurate Analysts

Best Buy Co., Inc. BBY is set to release earnings results for its first quarter, before the opening bell on May 30.

Analysts expect the Richfield, Minnesota-based company to report quarterly earnings at $1.08 per share, down from $1.15 per share in the year-ago period. Best Buy is projected to report quarterly revenue of $8.96 billion, according to data from Benzinga Pro.

During April, Best Buy, Alphabet Inc.'s GOOGL Google Cloud, and Accenture Plc ACN entered into a new collaboration to deploy generative AI (gen AI) to improve the experience for Best Buy customers.

Best Buy shares fell 0.9% to close at $71.90 on Wednesday.

Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.

Let's have a look at how Benzinga's most-accurate analysts have rated the company in the recent period.

• Wedbush analyst Seth Basham reiterated a Neutral rating with a price target of $85 on May 28. This analyst has an accuracy rate of 69%.
• Telsey Advisory Group analyst Joseph Feldman maintained an Outperform rating with a price target of $95 on May 23. This analyst has an accuracy rate of 73%.
• JP Morgan analyst Christopher Horvers upgraded the stock from Neutral to Overweight and raised the price target from $89 to $101 on March 22. This analyst has an accuracy rate of 71%.
• UBS analyst Michael Lasser maintained a Neutral rating and raised the price target from $82 to $85 on March 1. This analyst has an accuracy rate of 78%.
• Truist Securities analyst Scot Ciccarelli maintained a Hold rating and boosted the price target from $68 to $87 on March 1. This analyst has an accuracy rate of 70%.

Read This Next: Jim Cramer Recommends Buying Apple, Finds This Tech Stock ‘Very Interesting‘