Best Buy price target lowered to $86 from $87 at Truist

Truist lowered the firm’s price target on Best Buy to $86 from $87 and keeps a Hold rating on the shares. The company’s Q1 sales were a bit light vs. its estimates, and while the firm expects some comp acceleration through 2024 as the industry continues to cycle pandemic-related pull forward demand, it also believes that macro pressures on discretionary goods will still limit the rate of improvement, the analyst tells investors in a research note. The post-earnings stock price rally is largely a funciont of depressed investor sentiment, reversing the pressure on shares over the past six weeks, Truist added.