Piper Sandler lowered the firm’s price target on Best Buy (BBY) to $82 from $92 and keeps an Overweight rating on the shares following relatively Q1 inline results and a slight guide down to the full year. Shares underperformed as much as 8%, which seems a bit excessive, the firm argues. Although, Q1 comparable sales results – and arguably the Q2 comparable sales outlook for a slight decline – were slightly below expectations.
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