Telsey Advisory Group Lowers Best Buy Stock Price Target

The Telsey Advisory Group has recently revised its target price for Best Buy (NYSE:BBY) stock, lowering it from $115.00 to $110.00. This change was shared in a report released to investors on Tuesday. Despite the lower target price, Telsey maintains an "outperform" rating for the company's stock, indicating optimism about its performance.

Market Outlook for Best Buy

The new target price suggests a potential upside of approximately 24.30% based on the stock's last closing price. The adjustment comes in the context of additional analyses from other equity research firms. Recently, Truist Financial increased their price objective from $86.00 to $107.00, while assigning a "hold" rating.

Further Analyst Ratings

Meanwhile, Wedbush raised its target from $85.00 to $95.00, giving Best Buy a "neutral" rating. JPMorgan Chase & Co. also increased their target from $111.00 to $117.00 with an "overweight" rating. Moreover, DA Davidson reaffirmed a "buy" rating with a price objective of $117.00. Citigroup has adjusted their target from $115.00 to $109.00, also maintaining a "buy" rating.

Analyst Overview

Currently, Best Buy has received mixed ratings from analysts. One analyst has issued a sell rating, while eight analysts have given it a hold rating. Additionally, nine have assigned a buy rating, and one has a strong buy rating. The consensus rating suggests a "Moderate Buy" with an average price target of $103.41.

Best Buy's Stock Performance

In trading on Tuesday, Best Buy's shares saw a decline of $4.53, hitting $88.50 during the day. The trading volume reached over 10.5 million shares, which is significantly above its average volume of 3 million. The company's current ratio stands at 1.01, with a quick ratio of 0.34 and a debt-to-equity ratio of 0.37. Best Buy holds a market capitalization of $19 billion, with a price-to-earnings ratio of 15.26 and a PEG ratio of 2.34. The stock has fluctuated between a low of $68.12 and a high of $103.71 over the past year.

Earnings Insights

Best Buy's most recent quarterly earnings report, released on August 29, showed earnings of $1.34 per share, exceeding analysts' estimates of $1.16 by $0.18. While the company had a net margin of 2.96%, its revenue of $9.29 billion for the quarter represented a 3.1% decline compared to the same period last year.

Investor Activity

In recent months, institutional investors have been actively adjusting their stakes in Best Buy. Tidal Investments increased its position by 24.5%, while TCW Group Inc. grew its stake by 156.6%. Toronto Dominion Bank also significantly increased its ownership with an 82.2% rise in shares.

About Best Buy

Best Buy Co, Inc. is known for selling technology products across the United States, Canada, and beyond. Their stores offer a range of products, including computers, mobile phones, networking equipment, tablets, and various consumer electronics.

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