Best Buy price target lowered to $75 from $85 at Wells Fargo

Wells Fargo analyst Zachary Fadem lowered the firm’s price target on Best Buy (BBY) to $75 from $85 and keeps an Equal Weight rating on the shares. The firm says its data checks improved in Q1 and it suspects Best Buy comparable sales could land in positive territory. Tariff pull forward is possible, Wells notes, adding that China tariffs help optics and shares are relatively cheap. With that said, the firm argues that there are still ample unknowns/risk.