Best Buy price target lowered to $80 from $90 at Loop Capital

Loop Capital lowered the firm’s price target on Best Buy (BBY) to $80 from $90 but keeps a Buy rating on the shares. The company’s Q1 earnings were better than expected, and while the management reduced its FY25 guidance slightly, this was understandable given the uncertain global tariff morass, the analyst tells investors in a research note. Best Buy’s strategic initiatives – particularly the upcoming launch of a third-party marketplace and expansion of the company’s retail media network – will provide incremental tailwinds in the second half of 2025, Loop added.