Breaking News Instant updates and real-time market news.

BBY

Best Buy

$68.87

1.59 (2.36%)

07:53
01/08/18
01/08
07:53
01/08/18
07:53

Best Buy price target raised to $38 from $32 at Wedbush

Wedbush analyst Michael Pachter raised his price target for Best Buy to $38 from $32 to reflect higher profitability. Nonetheless, the analyst reiterates an Underperform rating on the shares as he believes industry tailwinds and market share gains from struggling or bankrupt competitors is transitory and remains convinced that comps will decline over the long-term due to heightened competition from online retailers, simultaneously pressuring gross margin.

BBY Best Buy
$68.87

1.59 (2.36%)

11/27/17
KEYB
11/27/17
NO CHANGE
KEYB
Rapid erosion in physical stores may be abating, says KeyBanc
KeyBanc's research consumer team says that while online remains the key avenue for growth, the rapid erosion in physical store sales may be abating. The analyst noted that strong store checks reinforce their thesis that apparel is back, with the strongest traffic at Urban Outfitters (URBN) and lululemon (LULU). Meanwhile, Wal-Mart (WMT) was able to eschew wrist bands and had solid inventory of doorbusters, while Gap (GPS) saw strong traffic at Old Navy, they contend. Additionally, KeyBanc's team says its channel checks suggest Best Buy (BBY) continues to gain share and drove healthy traffic, while Bed Bath & Beyond (BBBY) offered slightly more aggressive, but still uninspiring, undifferentiated promotions. Moreover, they believe Conn's (CONN) maintains momentum with its credit offering, credit improvement story, and the recovery in the Hurricane Harvey impacted markets. Checks also revealed solid Beauty positioning, with Ulta Beauty (ULTA) as a winner with strong holiday positioning and good traffic on Thursday/Friday, the analysts added.
11/29/17
WEDB
11/29/17
NO CHANGE
Target $32
WEDB
Underperform
Amazon allows deeper TV discounting at Best Buy, says Wedbush
Wedbush analyst Michael Pachter notes that online checks suggest that Best Buy (BBY) undercut Amazon (AMZN) on TV pricing throughout the Thanksgiving Holiday period, with deals continuing at Best Buy after Cyber Monday, while Amazon surprised him by raising prices. Additionally, the analyst believes Best Buy's Q4 comps guidance is more realistic, due to "Amazon's mercy." He reiterates an Underperform rating and $32 price target on Best Buy's shares.
12/04/17
MOFT
12/04/17
INITIATION
MOFT
Sell
Best Buy initiated with a Sell at MoffettNathanson
12/18/17
LOOP
12/18/17
NO CHANGE
Target $72
LOOP
Buy
Best Buy to continue gaining market share during holidays, says Loop Capital
Loop Capital analyst Anthony Chukumba expects Best Buy (BBY) to continue gaining market share during the holiday season despite the wider average price premium on products relative to Amazon (AMZN) of 5.4% vs 0.6% in September. Chukumba says Best Buy stands to benefit from "two significant competitor bankruptcies earlier this year" and also its current free online order shipping offer, keeping his Buy rating and $72 price target on the stock.

TODAY'S FREE FLY STORIES

Get Full Fly Access

Breaking market intelligence sent straight to you
Our team of experts analyze every news story and filter out the noise to deliver real-time market moving news.
Up-to-date information on important industry events
Get real-time updates on events that are moving the market—from conferences and calls to syndicate announcements.
News focused on the companies in your portfolio
Create up to 12 portfolios with 150 stocks each, and see how active they are in market news.