Best Buy upgraded to Outperform from Market Perform at Telsey Advisory

Telsey Advisory analyst Joseph Feldman upgraded Best Buy to Outperform from Market Perform with a price target of $95, up from $85. The firm says its meetings with Best Buy increased its confidence in the business showing signs of stabilization and improvement after nine consecutive quarters of negative comps. The replacement cycle is kicking in, especially for products purchased in 2019 and 2020, and innovation is starting to gain traction, the analyst tells investors in a research note. Telsey believes Best Buy is getting closer to a positive inflection on comps and profits.