Best Buy says demand weakness to bottom out by year end, sales decline narrows
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Best Buy (BBY) PT Lowered to $75 at Credit Suisse, '2H Hail Mary?'
May 25, 2023 4:27 PM EDTCredit Suisse analyst Karen Short lowered the price target on Best Buy (NYSE: BBY) to $75.00 (from $85.00) while maintaining a Neutral rating.
The analyst comments "BBYs 1Q results demonstrates the companys ability to manage the business despite a very challenging environment for CE. That said, QTD trends are softer than expected BBY guided 2Q comps/EBIT margins down -6-8%/~3.0% below FactSet Consensus of down -5%/3.6%, meaning the 2H trends need to materially accelerate which is risky given the weak consumer environment and the potential for... More
Evercore ISI Reaction to Best Buy (BBY): 'not as bad as feared'
May 25, 2023 7:57 AM EDTEvercore ISI analyst Greg Melich reiterated an In Line rating and $80.00 price target on Best Buy (NYSE: BBY).
The analyst comments "Best Buys 1Q comp of -10% was in line with the street and our -10%, while EPS of $1.15 beat by a modest 5 cents in their seasonally soft quarter. BBY guided... More
