Citi analyst Steven Zaccone lowered the firm’s price target on Best Buy (BBY) to $101 from $109 and keeps a Buy rating on the shares. The company reported slightly softer than expected Q3 results, the analyst tells investors in a research note. The firm believes the “choppy” macro backdrop is slowing the consumer electronics recovery. However, “this is a temporary push to the right for positive SSS and not a reason to throw in the towel,” contends Citi.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
