Best Buy among Loop Capital’s favorite ideas for 2024 in Specialty Retail

Loop Capital keeps a Buy rating on Best Buy while naming the stock to the firm’s 2024 Favorite Ideas list for Specialty Retail. Best Buy will benefit from the natural replacement cycle of many of the consumer electronics purchased during the heights of the pandemic, the analyst tells investors in a research note. Falling interest rates this year also bodes well since a significant portion of the company’s sales are financed through national and private label credit cards and with lower mortgage rates likely driving improved housing turnover, which would provide a tailwind to Best Buy’s appliances sales, the firm added.