Credit Suisse analyst Karen Short initiated coverage of Best Buy with a Neutral rating and $90 price target. While she sees reasons to be "constructive," her near-term concerns include the fact that consumer electronics "appears to be one of the challenging retail categories so far this year" and that Best Buy is on track to end 2022 with gross margins an estimated 190 basis points below 2019 levels.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly
See Insiders’ Hot Stocks on TipRanks >>
Read More on BBY:
- Street Wrap: Today’s Top 15 Upgrades, Downgrades, Initiations
- Best Buy downgraded to Underperform at BofA on challenging demand environment
- Best Buy downgraded to Underperform from Neutral at BofA
- Best Buy upgraded to Neutral from Sell at Goldman Sachs
- Goldman finds small crowds, more promotions over Black Friday weekend