Citi analyst Steven Zaccone has maintained their bullish stance on BBY stock, giving a Buy rating today.
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Steven Zaccone has given his Buy rating due to a combination of factors that suggest a positive outlook for Best Buy Co. Despite the uncertainties posed by tariffs, the company is showing signs of improvement with positive same-store sales and an expansion in EBIT margins. Zaccone acknowledges the complexity of forecasting the impact of tariffs but remains optimistic about the company’s ability to navigate these challenges through cost mitigation efforts and potential geopolitical resolutions.
Moreover, the recent stock reset presents an attractive risk/reward scenario, especially if consumer spending rebounds and tariff risks diminish. The management’s guidance indicates a stronger performance in the latter half of the year, driven by new product launches and initiatives. Additionally, the computing segment is expected to continue its growth trajectory, fueled by consumer demand for upgrades and the end of Windows 10 support, which could act as catalysts for further growth.
In another report released today, J.P. Morgan also maintained a Buy rating on the stock with a $110.00 price target.