Best Buy price target raised to $67 from $60 at Citi

Citi analyst Steven Zaccone raised the firm’s price target on Best Buy to $67 from $60 and keeps a Sell rating on the shares. The analyst believes the company’s Q4 earnings will likely be in-line to slightly better than expected based on management’s track record of beating conservative margin and spending guidance. Best Buy’s same-store-sales will likely miss expectations of down 5.2%) based on holiday weakness, with Q1-to-date showing little change as the electronics category remains soft, the analyst tells investors in a research note. Citi sees the company’s initial fiscal 2025 guidance falling below the Street with a second half-weighted recovery.