Best Buy price target raised to $95 from $85 at Wedbush

Wedbush analyst Seth Basham raised the firm’s price target on Best Buy to $95 from $85 and keeps a Neutral rating on the shares. The company reported Q2 results that narrowly beat expectations on the top line and handily beat on the bottom line, the analyst tells investors in a research note. The firm says the results point to a growing replacement cycle in laptops and tablets. It believes Best Buy’s Q3 comp guidance appears conservative but admits the implied Q4 comp guidance is less certain given that the discretionary consumer spending environment remains volatile.