Best Buy price target raised to $82 from $72 at Wedbush

Wedbush analyst Seth Basham raised the firm’s price target on Best Buy to $82 from $72 and keeps a Neutral rating on the shares. The firm notes the company reported Q2 results that were better-than-expectations on the top- and bottom-lines. The company also maneuvered full-year guidance by edging it lower at the midpoint on the top line, while edging it higher at the midpoint on the bottom line. Wedbush commends Best Buy for its progress year-to-date in navigating the current environment, but with the story still primarily dependent on the uncertain macro outlook and product innovation and replacement cycles that have not yet turned, it tweaks its estimates and remains on the sidelines.