Telsey Advisory lowered the firm’s price target on Best Buy to $75 from $80 and keeps a Market Perform rating on the shares. Best Buy has a sound strategy, strong management team, and is ahead of many retailers in its omnichannel capabilities, optimization of real estate, and new revenue streams, positioning the company well once the industry stabilizes and returns to growth, the analyst tells investors in a research note. Best Buy’s Q3 EPS beat consensus estimates, but was still down 7% y/y, and Q4 comps are expected to be down 3%-7% as a result of the challenging industry and macro environment, the firm says.
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