Citi downgraded Best Buy (BBY) to Neutral from Buy with a price target of $70, down from $93. President Trump’s reciprocal tariff announcement is worse than expected and “significantly changes” Citi’s view of the broadlines and hardlines sector, the analyst tells investors in a research note. The firm’s biggest concerns include rising recession risk probability and a slowdown in consumer spending. This is a “significant risk” for the big-ticket exposed retailers and achieving 2025 guidance, contends Citi. The firm downgraded Best Buy and RH as the “biggest tariff earnings hit” in its coverage.
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