Best Buy price target lowered to $85 from $90 at DA Davidson

DA Davidson lowered the firm’s price target on Best Buy to $85 from $90 but keeps a Buy rating on the shares after its Q3 results. The company did not deliver continued sequential improvements in comps expected by the firm, though its management deserves credit for controlling what they can in a tough macro environment, including growing operating margins and beating on EPS, the analyst tells investors in a research note. 2023 is shaping up to be “another challenging holiday” period for Best Buy, though comps shouldn’t worsen from here, the firm adds.