Best Buy price target raised to $86 from $80 at Guggenheim

Guggenheim raised the firm’s price target on Best Buy to $86 from $80 and keeps a Buy rating on the shares. With the U.S. consumer quickly approaching “core” replacement years for mobile, computing, TV and appliances, combined with the fact that product innovation appears poised to ramp throughout 2024 and into 2025, the firm continues to expect Best Buy EPS to trough in 2024, the analyst tells investors.