Best Buy price target raised to $88 from $80 at Truist

Truist analyst Scot Ciccarelli raised the firm’s price target on Best Buy to $88 from $80 and keeps a Hold rating on the shares. Best Buy posted Q4 sales in-line with expectations, but EPS were significantly better than expected due to aggressive cost reductions, the analyst tells investors in a research note. The firm believes the risk/reward profile remains balanced at current levels, but continues to look for opportunities to become more constructive.