UBS raised the firm’s price target on Best Buy to $87 from $80 and keeps a Neutral rating on the shares ahead of its results. There’s more trepidation about the company’s outlook for FY23, but Best Buy has taken some recent steps to bolster its profitability in the year ahead even as it faces a headwind from certain costs, the analyst tells investors in a research note. When these actions are outlined, it should be a positive near- term catalyst for the stock, the firm added.
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