The shares of retailer Best Buy Co Inc (NYSE:BBY) are enjoying a lift, after an upgrade from Telsey Advisory Group to "outperform" from "market perform," with a price-target hike to $95 from $85. The analyst noted the retailer's membership program, cost management, capital spending, and refreshed stores. Separately, today also marks BBY's ex-dividend day.
The majority of brokerage firms are still hesitant on Best Buy stock, however, leaving room for additional upgrades. Of the 21 analysts in coverage, 15 carry a "hold" or worse rating.
A bout of short covering could provide tailwinds as well. Short interest represents 8.7% of the stock's available float, and would take shorts nearly six days to cover at its average pace of trading.
At last look, the security was up 2.9% to trade at $79.49, and breaking into positive territory for 2024. Laying horizontal just above the $76 region, the equity's 320-day moving average has provided a floor for the past couple weeks.
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