Best Buy dips after JP Morgan downgrades stock, cuts PT
ReutersFeb 2, 2026 11:37 AM
Shares of electronics retailer Best Buy BBY.N down ~2% at $63.90 premarket
Brokerage JP Morgan cuts rating to "neutral" from "overweight," citing a tough fourth-quarter as well as headwinds in computing amid ongoing economic uncertainty
Cuts PT to $76 from $99, says an abnormal memory market dynamics, where prices are expected to double, will likely diminish computing sales
With housing still stuck for now, TVs and appliances are likely to experience muted trends - brokerage
Seven of 27 brokerages rate the stock "buy" or "higher", 19 "hold" and one "sell"; their median PT is $80, as per estimates compiled by LSEG
Stock fell nearly 22% in 2025
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