Best Buy Co., Inc. (NYSE:BBY) is included among the 14 Value Stocks to Buy with High Dividend Yields.
On February 23, Piper Sandler lowered its price recommendation on Best Buy Co., Inc. (NYSE:BBY) to $71 from $76. The firm maintained a Neutral rating on the shares ahead of upcoming big box retailer earnings. The firm said it expects home remodel demand to “normalize” in the first half of the year. It also noted that both Target and Best Buy are facing some pressure from weaker store traffic, which continues to weigh on near-term performance.
On February 24, Wedbush also lowered its price objective on Best Buy to $70 from $80 and kept a Neutral rating ahead of the company’s earnings release. The firm said it sees downside risk to comparable sales following a soft holiday season for consumer electronics. This came despite heavy discounting, which typically helps support demand but did not fully offset weaker buying trends.
Wedbush said forward guidance remains the biggest uncertainty. The firm pointed to ongoing memory supply shortages, which are expected to continue affecting PC demand and the broader electronics category through at least this year. These supply issues often ripple across multiple product categories, making demand less predictable.
The firm now expects guidance to reflect a low single-digit decline in comparable sales at the midpoint. This outlook stands in contrast to consensus expectations, which currently point to modest growth. Wedbush also said that while expectations heading into earnings are already low, it does not see many clear catalysts that would drive meaningful upside in the near term.
Best Buy Co., Inc. (NYSE:BBY) focuses on delivering technology solutions to consumers. The company operates through two segments: Domestic and International.
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