Best Buy price target lowered to $109 from $115 at Citi

Citi lowered the firm’s price target on Best Buy (BBY) to $109 from $115 and keeps a Buy rating on the shares as part of a Q3 earnings preview for the hardlines sector. The optimism for hardlines retail “seems to be fading” as rates are back up, tariffs are a new overhang, and 2025 Street estimates “look too optimistic all of a sudden,” the analyst tells investors in a research note. The firm modestly lowered out-year estimates for select retailers, but thinks is it “too early to throw in the towel on optimism.”