Best Buy (NYSE:BBY) Given New $84.00 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. raised its price target on Best Buy from $76 to $84 while keeping a neutral rating, implying about 11.8% upside from the prior close.
• Best Buy’s latest quarterly results beat expectations, with EPS of $1.28 versus $1.22 expected and revenue of $8.94 billion topping estimates. The company also posted year-over-year revenue growth of 1.9% and maintained its FY2027 guidance range.
• Analyst sentiment remains mixed overall: Jefferies and other firms have turned more positive, but the broader consensus still sits at Hold with an average price target of $78.60.

Best Buy (NYSE:BBY - Get Free Report) had its price objective raised by equities researchers at JPMorgan Chase & Co. from $76.00 to $84.00 in a research report issued to clients and investors on Friday,MarketScreener reports. The firm presently has a "neutral" rating on the technology retailer's stock. JPMorgan Chase & Co.'s price target points to a potential upside of 11.82% from the stock's previous close.

Other equities analysts also recently issued reports about the company. Jefferies Financial Group raised their price objective on Best Buy from $83.00 to $89.00 and gave the stock a "buy" rating in a research report on Thursday. DA Davidson set a $78.00 price objective on Best Buy in a research note on Thursday, March 5th. The Goldman Sachs Group lowered Best Buy from a "buy" rating to a "sell" rating and set a $59.00 target price on the stock. in a report on Monday, April 13th. Weiss Ratings cut Best Buy from a "hold (c)" rating to a "hold (c-)" rating in a research report on Thursday, May 7th. Finally, Daiwa Securities Group decreased their price target on Best Buy from $80.00 to $68.00 and set a "neutral" rating for the company in a report on Thursday, March 5th. Seven equities research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $78.60.

Best Buy Price Performance

NYSE BBY opened at $75.12 on Friday. The company has a quick ratio of 0.43, a current ratio of 1.11 and a debt-to-equity ratio of 0.39. Best Buy has a 12-month low of $55.10 and a 12-month high of $84.99. The firm's 50 day moving average is $61.99 and its 200-day moving average is $66.80. The company has a market capitalization of $15.83 billion, a PE ratio of 14.86, a price-to-earnings-growth ratio of 1.59 and a beta of 1.22.

Best Buy (NYSE:BBY - Get Free Report) last issued its earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.22 by $0.06. Best Buy had a net margin of 2.56% and a return on equity of 49.17%. The company had revenue of $8.94 billion for the quarter, compared to analysts' expectations of $8.82 billion. During the same period in the prior year, the firm earned $1.15 EPS. Best Buy's quarterly revenue was up 1.9% compared to the same quarter last year. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Equities research analysts anticipate that Best Buy will post 6.5 earnings per share for the current fiscal year.

Insider Transactions at Best Buy

In other news, CEO Corie S. Barry sold 42,869 shares of the company's stock in a transaction that occurred on Monday, March 23rd. The stock was sold at an average price of $64.02, for a total value of $2,744,473.38. Following the completion of the transaction, the chief executive officer directly owned 523,138 shares of the company's stock, valued at $33,491,294.76. This represents a 7.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Kathleen Scarlett sold 8,049 shares of the stock in a transaction that occurred on Monday, March 23rd. The shares were sold at an average price of $64.02, for a total value of $515,296.98. Following the sale, the executive vice president directly owned 102,669 shares of the company's stock, valued at $6,572,869.38. The trade was a 7.27% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 77,247 shares of company stock worth $4,945,353. 0.47% of the stock is owned by insiders.

Hedge Funds Weigh In On Best Buy

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Torren Management LLC bought a new stake in Best Buy in the fourth quarter worth about $25,000. MV Capital Management Inc. purchased a new position in shares of Best Buy during the 4th quarter valued at $25,000. Palisade Asset Management LLC bought a new position in Best Buy during the third quarter worth about $25,000. Hillsdale Investment Management Inc. purchased a new position in shares of Best Buy in the fourth quarter worth about $29,000. Finally, Quest 10 Wealth Builders Inc. raised its position in shares of Best Buy by 239.2% in the fourth quarter. Quest 10 Wealth Builders Inc. now owns 441 shares of the technology retailer's stock valued at $30,000 after purchasing an additional 311 shares during the period. 80.96% of the stock is owned by hedge funds and other institutional investors.

Key Headlines Impacting Best Buy

Here are the key news stories impacting Best Buy this week:

• Positive Sentiment: Best Buy delivered a clean Q1 beat on earnings and revenue, with positive comparable sales growth and improving margins. Best Buy (BBY) Beats Earnings Expectations, Shares Climb 15.8%
• Positive Sentiment: The company maintained its full-year guidance and issued Q2 sales guidance that came in better than expected, reinforcing confidence in the turnaround. Best Buy Reports First Quarter Results
• Positive Sentiment: Analyst sentiment improved after the report, with Jefferies raising its price target to $89 and Morgan Stanley lifting its target to $80, signaling additional upside. Analyst price target updates for Best Buy
• Neutral Sentiment: Unusual call option activity suggests traders are positioning for more volatility and continued momentum in BBY. Stock Traders Buy High Volume of Best Buy Call Options NYSE: BBY
• Neutral Sentiment: Best Buy also announced a quarterly dividend of $0.96 per share, which may appeal to income-focused investors. Best Buy dividend announcement

Best Buy Company Profile

Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.

Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.