Best Buy price target lowered to $93 from $105 at Citi

Citi analyst Steven Zaccone lowered the firm’s price target on Best Buy (BBY) to $93 from $105 and keeps a Buy rating on the shares following the Q4 report. The company is “turning the corner” with positive Q4 same-store-sales and EBIT margin expansion guidance, but the tariff backdrop “creates uncertain downside risk,” the analyst tells investors in a research note. The firm acknowledges investor pushback that Best Buy’s 2025 guidance should have included tariff impact, but it also recognizes the multitude of variables to assess the impact. It believes yesterday’s stock reset provides an attractive risk/reward, especially if tariff risk dissipates and consumer spending improves.