Best Buy price target lowered to $96 from $99 at DA Davidson

DA Davidson analyst Michael Baker lowered the firm’s price target on Best Buy to $96 from $99 and keeps a Buy rating on the shares. Best Buy’s reported a full year comp decline of 9.9% with profits down 34% and margins down 160 bps, and the pain is continuing into 2023 with February comping down in a similar range, with an expectation of profit declines in the 10%-20% range, the analyst tells investors in a research note. The market has seemingly already priced in a lot of bad news, the firm says.