Best Buy price target raised to $115 from $95 at Telsey Advisory

Telsey Advisory raised the firm’s price target on Best Buy to $115 from $95 and keeps an Outperform rating on the shares. The company reported “better-than-anticipated” Q2 EPS growth, the analyst tells investors. While the industry and macroeconomic backdrop remain challenging, the company saw improvement as the replacement cycle and new innovation have begun to unfold, the firm adds. Overall, Best Buy has a sound strategy, strong management team, and is ahead of many others in its omnichannel capabilities, optimization, and new revenue streams, Telsey says.