Best Buy should show signs of stabilization in Q1, says Telsey Advisory

Telsey Advisory says Best Buy’s business is likely to experience continued pressure related to the challenging macro trends weighing on discretionary consumer demand in the short term. However, the company should show signs of stabilization and improvement after many consecutive quarters of negative comps as the replacement cycle kicks in, the analyst tells investors ahead of Best Buy reporting Q1 earnings on Thursday, May 30. The firm maintains an Outperform rating and $95 price target on Best Buy shares.