Best Buy price target raised to $85 from $75 at Telsey Advisory

Telsey Advisory analyst Joseph Feldman raised the firm’s price target on Best Buy to $85 from $75 and keeps a Market Perform rating on the shares. The company’s Q4 EPS beat the firms estimates, which was driven by better-than-anticipated sales and profitability, the analyst tells investors. Q4 comparable, however, was still weak given a challenging industry and macro environment, the firm adds. Overall, Best Buy has a sound strategy, strong management team, and is ahead of many others in the space in its omnichannel capabilities, optimization of real estate, and new revenue streams, the firm concludes.