Goldman Sachs analyst Kate McShane upgraded Best Buy to Buy from Neutral with a price target of $85, up from $79. The analyst sees the potential for a positive demand inflection to drive upside, primarily through multiple expansion. Best Buy’s current valuation is not taking into account this potential inflection and is most likely factoring in broader concerns regarding the health of the consumer and potential near-term demand headwinds, the analyst tells investors in a research note. The firm sees potential for demand to stabilize and/or recover next year, supported by innovation and the replacement cycle.
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