Best Buy added to Tactical Underperform List at Evercore ISI

Evercore ISI analyst Greg Melich added Best Buy to the firm’s Tactical Underperform List into the Q2 print on August 29. The firm is concerned about Best Buy’s share losses in major appliances and TVs, with Evercore ISI telling investors that according to TraQline, Best Buy had a significant decrease in Appliances dollar and unit market share in calendar Q2 and a significant decrease in draw and close rates. The firm, which has an In Line rating and $90 price target on the shares, believes charging for installation of products is hurting the company’s share in products that account for roughly 30% of sales.