Best Buy (BBY) PT Raised to $69 at Truist Securities

Truist Securities analyst Scot Ciccarelli raised the price target on Best Buy (NYSE: BBY) to $69.00 (from $64.00) while maintaining a Hold rating.

The analyst comments "1Q was in-line with our ests. and core trends remain muted, with + comps in computing/ tablets being offset by softness in bigger ticket/more discretionary categories. On the bright side, tariff mitigation efforts (sourcing diversification/vendor negotiations) are coming in more favorable than we would have expected/co’s prior guide (they only cut their comp projection by 100bps and EPS was cut by ~3% at the midpoint, based on today’s rates). Despite the benign projections on tariffs, sales momentum remains muted and we are looking at the 3rd straight yr of flattish earnings. With a relatively balanced risk/reward, we remain neutral on BBY; PT to $69 from $64."

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