These Analysts Cut Their Forecasts On Best Buy After Q3 Results

Best Buy Co Inc BBY posted upbeat earnings for its third quarter, but lowered its FY24 guidance.

Best Buy reported a third-quarter FY24 sales decline of 7.8% year-on-year to $9.76 billion, missing the analyst consensus estimate of $9.91 billion. Non-GAAP EPS of $1.29 beat the consensus estimate of $1.19, according to Benzinga Pro.

Best Buy cut FY24 revenue guidance from $43.8 billion-$44.5 billion to $43.1 billion-$43.7 billion versus an estimate of $44.16 billion. The company tightened FY24 adjusted EPS guidance from $6.00-$6.40 to $6.00-$6.30 versus an estimate of $6.20.

Best Buy shares rose 1.1% to trade at $68.38 on Wednesday.

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These analysts made changes to their price targets on Best Buy following earnings announcement.

• Telsey Advisory Group cut the price target on Best Buy from $80 to $75. Telsey Advisory Group analyst Joseph Feldman maintained a Market Perform rating.
• Truist Securities slashed the price target on Best Buy from $74 to $68. Truist Securities analyst Scot Ciccarelli maintained a Hold rating.
• Wedbush analyst Seth Basham reiterated Best Buy with a Neutral and maintained a $70 price target.

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