American consumer electronics retailer Best Buy Co., Inc. (BBY) announced the launch of its new in-house media company, Best Buy Ads. By partnering with relevant brands and through innovative advertising, Best Buy Ads will provide customers with the required insights to make informed purchases. Following the news, shares gained 3% and closed at $105.14 on January 4.
Best Buy Ads
The company claims that it interacts with customers three billion times a year – in its stores, at homes, and online. Besides, almost 70% of the U.S. population lives within a 10 mile radius of a Best Buy store, which makes BBY a store of choice for all of the customer’s technical needs.
BBY claims that its Best Buy Ads platform will help brands target customers in the most meaningful ways and avoid any waste of time for both the brands and customers. The company will advertise brands that sell at the stores, as well as those that are complementary to the products and solutions offered.
Over the years, BBY has focused on gaining deep customer knowledge and creating relationships that last a lifetime. With their cutting-edge data science and analytics, Best Buy Ads will connect the right brands with the right shoppers, creating wholesome experiences for both parties.
Additionally, Best Buy Ads had also launched an advertising-focused Career Pathways program, through its Best Buy Teen Tech Center locations to create opportunities for talented and diverse candidates for future advertising careers.
Overall, the stock has a Moderate Buy consensus rating based on 6 Buys, 4 Holds, and 1 Sell. The average Best Buy price target of $138.36 implies 31.6% upside potential to current levels. Meanwhile, BBY shares have gained 4.1% over the past year. BBY’s upcoming earnings report for the fourth quarter of fiscal year 2021 is scheduled for March 2, 2022.
According to TipRanks’ Stock Investors tool, retail investors currently have a Very Positive stance on Best Buy, with 3.8% of portfolios tracked by TipRanks increasing their exposure to BBY stock over the past 30 days.
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