Why Street Sentiment On Best Buy May Depend On Apple

Apple Inc. AAPL's status as the most valuable company in the world has far reaching implications for other publicly traded companies in the market.

Wall Street sentiment surrounding Best Buy Co Inc BBY likely will revolve around the iPhone 7 sales performance at the electronic retailer’s stores when the company reports its fourth-quarter results on March 1.

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Analyst Commentary

Analyst’s at Loop Capital are expecting an earnings beat in the upcoming quarter primarily driven by mobile sales, with the iPhone being the key catalyst.

“We believe earnings upside will primarily be driven by strong mobile sales — particularly given Apple’s better-than-expected 1Q 2017 iPhone sales and Samsung’s bullish 4Q 2016 mobile commentary,” Loop stated.

Best Buy is also expected to have better mobile attachment sales from wireless headphone sales since Apple infamously left the headphone jack off the latest iPhone release.

Catalysts To Watch

Loop Capital maintains a Buy rating on Best Buy with a $58 price target.