JPMorgan analyst Christopher Horvers added Best Buy to the firm’s Analyst Focus List as a value idea after meeting with management while keeping an overweight rating on the shares with a $111 price target. Investors underappreciate how “punitive the cycle has been” the past few years post-COVID, the degree of replacement demand that exists and will build, the innovation level in computing, and the potential for Best Buy’s key categories to inflect in a positive existing home sales environment, the analyst tells investors in a research note. The firm believes Best Buy “sits in investors’ blind spot” with replacement demand rising in 2025.
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