Truist raised the firm’s price target on Best Buy to $107 from $86 but keeps a Hold rating on the shares. The firm cites the company’s Q2 earnings and sales beat as well as its guidance raise amid improved profitability trends in spite of the challenging sales environment, the analyst tells investors in a research note. Best Buy’s Q3 is off to a solid start with flat comps, and there are some green shoots including positive comps in laptops and tablets that may also lead to improvement in mobile as AI tech proliferates, the firm added. Truist notes however that the stock already reflects many of these improvements.
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