Wedbush raised the firm’s price target on Best Buy to $75 from $70 and keeps a Neutral rating on the shares. The firm is now more constructive on the consumer electronics industry and Best Buy comparable sales in 2024. Although economic uncertainty and financial pressures continue to weigh on consumer spending on home electronics, the Consumer Technology Association is projecting U.S. technology sales growth of +3% year-over-year in 2024, an improvement from declines over the prior two years, Wedbush adds.
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