Truist lowered the firm’s price target on Best Buy to $68 from $74 and keeps a Hold rating on the shares. The company’s Q3 comps decline of 7.3% was even larger than the firm’s expected 5.5% as trends continued to soften late in the quarter, the analyst tells investors in a research note. The firm adds that the Covid-driven demand pull-forward should be starting to ease with over 3.5 years from the start of the pandemic, but this is currently being overshadowed by broader consumer spending softness.
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