Best Buy (NYSE:BBY) Price Target Cut to $60.00 by Analysts at Bank of America

Key Points

• Bank of America has cut Best Buy's target price from $63.00 to $60.00, indicating a potential downside of 17.47% from its current stock price.
• Multiple analysts have mixed ratings on Best Buy, with ten giving a "Buy" rating, nine a "Hold," and one a "Sell," and a consensus target price of $83.67.
• Best Buy's recent earnings report showed an EPS of $1.28, exceeding the consensus estimate, with revenue of $9.44 billion, reflecting a 1.6% increase compared to the previous year.

Best Buy (NYSE:BBY - Get Free Report) had its target price reduced by equities researchers at Bank of America from $63.00 to $60.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has an "underperform" rating on the technology retailer's stock. Bank of America's price target would suggest a potential downside of 17.47% from the company's current price.

Several other equities analysts have also recently issued reports on the stock. Loop Capital lowered their price objective on shares of Best Buy from $90.00 to $80.00 and set a "buy" rating on the stock in a research note on Friday, May 30th. Truist Financial lifted their price objective on shares of Best Buy from $64.00 to $69.00 and gave the stock a "hold" rating in a research note on Friday, May 30th. Telsey Advisory Group reissued an "outperform" rating and issued a $90.00 target price on shares of Best Buy in a research report on Friday, August 22nd. Guggenheim reissued a "buy" rating and issued a $90.00 target price on shares of Best Buy in a research report on Tuesday, June 10th. Finally, BNP Paribas raised shares of Best Buy to a "hold" rating in a research report on Friday, May 30th. Ten equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $83.67.

Best Buy Stock Performance

Shares of BBY opened at $72.70 on Friday. The firm's 50 day moving average is $69.70 and its 200-day moving average is $71.56. The stock has a market capitalization of $15.37 billion, a P/E ratio of 17.78, a P/E/G ratio of 2.00 and a beta of 1.21. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.02 and a quick ratio of 0.32. Best Buy has a 12-month low of $54.99 and a 12-month high of $103.71.

Best Buy (NYSE:BBY - Get Free Report) last announced its quarterly earnings data on Thursday, August 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.22 by $0.06. The company had revenue of $9.44 billion for the quarter, compared to analysts' expectations of $9.23 billion. Best Buy had a net margin of 2.13% and a return on equity of 46.40%. The business's revenue was up 1.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.34 EPS. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. Equities research analysts anticipate that Best Buy will post 6.18 EPS for the current fiscal year.

Insider Transactions at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 729,201 shares of Best Buy stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $72.95, for a total value of $53,195,212.95. Following the completion of the sale, the chairman directly owned 196,100 shares in the company, valued at $14,305,495. The trade was a 78.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.47% of the stock is owned by company insiders.

Institutional Trading of Best Buy

A number of institutional investors and hedge funds have recently modified their holdings of the company. Orion Porfolio Solutions LLC acquired a new stake in shares of Best Buy in the second quarter worth $708,000. Thrivent Financial for Lutherans grew its holdings in shares of Best Buy by 17.6% in the 2nd quarter. Thrivent Financial for Lutherans now owns 1,540,944 shares of the technology retailer's stock worth $103,444,000 after purchasing an additional 230,984 shares during the last quarter. MASTERINVEST Kapitalanlage GmbH bought a new stake in shares of Best Buy in the 2nd quarter worth about $395,000. Hudson Bay Capital Management LP acquired a new position in Best Buy during the 2nd quarter worth about $244,000. Finally, Nomura Holdings Inc. lifted its position in Best Buy by 414.3% during the 2nd quarter. Nomura Holdings Inc. now owns 31,623 shares of the technology retailer's stock worth $2,123,000 after buying an additional 25,474 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Best Buy Company Profile

Best Buy Co, Inc engages in the retail of technology products in the United States, Canada, and international. Its stores provide computing and mobile phone products, such as desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions; networking products; tablets covering e-readers; smartwatches; and consumer electronics consisting of digital imaging, health and fitness products, portable audio comprising headphones and portable speakers, and smart home products, as well as home theaters, which includes home theater accessories, soundbars, and televisions.

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