FMP
Jefferies Reiterates Buy Rating on Best Buy with $94 Target, Highlights Potential Replacement Cycle
Jul 8, 2024 9:50 PM - Davit Kirakosyan(Last modified: Jul 9, 2024 3:45 AM)
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Jefferies analysts maintained their Buy rating and set a $94 price target for Best Buy (NYSE:BBY) stock. The analysts noted that in Fall 2023, there were early signs of a potentially strong replacement cycle.
Over the next month, there was a noticeable momentum with double-digit year-over-year increases in traffic to popular sites for consumer electronics, gaming, and home theater reviews. June continued to show year-over-year growth, though at a slower pace in the low single digits. Despite the tougher comparison to June 2023, the two-year trend remained stable.
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