Loop Capital analyst Anthony Chukumba lowered the firm’s price target on Best Buy (BBY) to $100 from $110 and keeps a Buy rating on the shares. Best Buy’s Q3 results came up short of the firm’s expectations driven by a disappointing top line, but Loop is encouraged by the strong start to the holiday selling season and believes management’s Q4 guidance could ultimately end up being conservative, the analyst tells investors in a research note. At the same time, the firm thinks Best Buy stock is likely to have a significant overhang until the market receives more clarity on Trump administration tariffs given the fact roughly 60% of the company’s COGS are sourced from China.
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Read More on BBY:
- Best Buy price target lowered to $115 from $123 at UBS
- Best Buy price target lowered to $89 from $95 at Wells Fargo
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- Best Buy Q3 Results: Sales Decline, Profit Margins Hold
- Best Buy price target lowered to $95 from $107 at Truist
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
