Street View: Best Buy’s raised outlook sparks mixed analyst calls amid margin concerns
Best Buy BBY.N raises annual sales, profit forecast on Tuesday, betting on strong holiday demand on electronics
At least 7 brokerages raised PT, median PT of 27 brokerages is $84 - data compiled by LSEG
MARGIN PRESSURE LINGERS
J.P.Morgan ("Overweight," PT: $99) says share of wallet pull-forward in computing, TVs and appliances is at or nearing an end, with a higher installed base of electronics supporting a soft landing this year
Telsey Advisory Group ("Outperform", PT: $95): Newer initiatives, such as higher-margin membership, marketplace and advertising businesses, as well as ongoing product innovation and the replacement cycle, should help fuel positive comp and earnings growth
Truist Securities ("Hold", PT: $84): says Best Buy needs a stronger product cycle to generate more sustainable growth and share performance
Wedbush ("Neutral", PT: $80) remains more cautious on Q4’s potential against expectations of highly promotional holiday season and waning consumer confidence
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