Best Buy price target raised to $80 from $77 at Truist

Truist analyst Scot Ciccarelli raised the firm’s price target on Best Buy to $80 from $77 but keeps a Hold rating on the shares. The company’s Q2 results were in line with expectations, and despite the broader consumer spending concerns amid negative comps, the pull-forward pressures for Best Buy are starting to ease with key categories becoming “less worse”, the analyst tells investors in a research note. Truist adds that the company’s comps could positively inflect in 2024, if broader consumer spending stays “reasonably stable”.