Wedbush assumed coverage of Best Buy (BBY) with a Neutral rating with a price target of $75, down from $83, ahead of quarterly results. The firm notes the shares have increased 12% in the past month, reflecting easing investor concerns regarding tariffs. However, even the remaining tariffs are a sizeable headwind given Best Buy’s significant exposure to China. Wedbush sees positive developments for Best Buy in the building product replacement and innovation cycle, but the tariff overhang creates an unattractive near-term risk/reward for the shares.
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