These Analysts Revise Price Targets On Best Buy Following Q2 Results

Best Buy Co Inc BBY posted better-than-expected results for the second quarter.

Best Buy reported second-quarter sales of $9.58 billion, beating the analyst consensus estimate of $9.52 billion. Adjusted EPS of $1.22 beat the analyst consensus of $1.06.

For FY24, the company revised guidance for revenue to $43.80 billion-$44.50 billion from $43.8 billion - $45.2 billion against the Street view of $44.3 billion. It now expects a comparable sales decline of 4.5% to 6.0% (vs. 3.0% to 6.0% earlier).

Best Buy shares fell 2.3% to trade at $75.19 on Wednesday.

These analysts made changes to their price targets on Best Buy after the company reported quarterly results.

• Telsey Advisory Group raised the price target on Best Buy from $78 to $85. Telsey Advisory Group analyst Joseph Feldman maintained a Market Perform rating.
• Wedbush boosted Best Buy price target from $72 to $82. Wedbush analyst Seth Basham maintained a Neutral rating on the stock.
• UBS cut Best Buy price target from $87 to $85. UBS analyst Michael Lasser maintained a Neutral rating on the stock.

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