Best Buy price target lowered to $70 from $78 at Credit Suisse
Credit Suisse analyst Seth Sigman lowered his price target for Best Buy to $70 from $78 and reiterated a Neutral rating on the shares. The analyst notes that Best Buy reported "healthy" Q3 results, but his take is mixed as results indicate less outperformance versus the industry benchmarks he tracks, and he believes there is uncertainty on the bridge to Q4 comps. Further, the stock historically has traded primarily with comps, and difficult comparisons ahead may pose a challenge, Sigman contends. That said, the analyst has a high level of confidence in the company's management team, and was encouraged by margin trends in the quarter and the outlook for Q4.