Best Buy (BBY) Narrows Price Gap with Amazon (AMZN) - Loop Capital

Loop Capital analsyt Anthony Chukumba notes that Best Buy (NYSE: BBY) price gap with Amazon (NASDAQ: AMZN) continues to narrow.

After comparing Best Buy's prices to Amazon's on 50 items across five product categories: televisions, notebook and tablet PCs, home theater, wearables, and accessories, they found that Best Buy's prices were 3.9% more expensive than Amazon's on average, as compared to 5.4% more expensive in December.

Best Buy's prices are less than 1% higher or better on 72% of the items in their market basket.

Chukumba said TVs were once again the most competitive pricing category, although Best Buy's home theater and accessories prices were largely in line with Amazon's as well.

The analsyt expect Best Buy to continue to steadily gain consumer electronics market share in F2018, and believe the company currently has multiple additional tailwinds.

The firm reiterates a Buy rating and $83 price target.

For an analyst ratings summary and ratings history on Best Buy click here. For more ratings news on Best Buy click here.

Shares of Best Buy closed at $71.52 yesterday.

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