Best Buy price target raised to $117 from $95 at DA Davidson

DA Davidson raised the firm’s price target on Best Buy (BBY) to $117 from $95 and keeps a Buy rating on the shares after its Q2 earnings beat. The company’s domestic comps continue to trend towards positive, with the decline of 2.3% better than last quarter’s 6.3% decline, better than estimate of 3.0% decline, and also its best performance since Q4 of FY21, the analyst tells investors in a research note. Best Buy joins Walmart (WMT) and Target (TGT) as the only big box retailers under coverage with the “triple crown” of earnings beat, revenue beat, and guidance raise so far this earnings season.