Best Buy (NYSE:BBY) Price Target Raised to $8.00

Key Points

• Wedbush raised its price target to $8 from $7 and kept an "outperform" rating, but that $8 target implies an approximately 86.75% downside from the stock's current price (~$60.40).
• The analyst consensus is a Hold with a consensus target of $71.75 (nine Buys, eleven Holds, two Sells).
• Best Buy beat quarterly EPS ($2.61 vs. $2.48 est.), issued FY2027 EPS guidance of 6.30–6.60, and trades around $60 with a P/E near 12 and a market cap of about $12.6B.

Best Buy (NYSE:BBY - Get Free Report) had its price target boosted by research analysts at Wedbush from $7.00 to $8.00 in a research note issued to investors on Tuesday,MarketScreener reports. The firm presently has an "outperform" rating on the technology retailer's stock. Wedbush's target price would suggest a potential downside of 86.75% from the stock's current price.

Several other equities analysts also recently issued reports on BBY. Citigroup upped their target price on Best Buy from $67.00 to $69.00 and gave the company a "neutral" rating in a research report on Wednesday, March 4th. Evercore set a $65.00 price target on Best Buy in a research note on Tuesday, April 14th. HSBC cut their price objective on Best Buy from $96.00 to $85.00 in a report on Thursday, February 26th. Barclays decreased their target price on Best Buy from $81.00 to $77.00 and set an "equal weight" rating for the company in a report on Thursday, January 8th. Finally, Truist Financial cut their price target on shares of Best Buy from $73.00 to $66.00 and set a "hold" rating on the stock in a report on Tuesday, March 3rd. Nine investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $71.75.

Best Buy Price Performance

Shares of NYSE BBY opened at $60.40 on Tuesday. Best Buy has a fifty-two week low of $59.20 and a fifty-two week high of $84.99. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.43 and a current ratio of 1.11. The company has a market cap of $12.63 billion, a PE ratio of 11.96, a P/E/G ratio of 1.49 and a beta of 1.35. The business has a 50-day simple moving average of $63.74 and a two-hundred day simple moving average of $69.81.

Best Buy (NYSE:BBY - Get Free Report) last announced its quarterly earnings data on Tuesday, March 3rd. The technology retailer reported $2.61 EPS for the quarter, beating the consensus estimate of $2.48 by $0.13. The firm had revenue of $13.81 billion during the quarter, compared to analyst estimates of $13.96 billion. Best Buy had a net margin of 2.56% and a return on equity of 49.17%. Best Buy's revenue was down 1.0% on a year-over-year basis. During the same period last year, the firm posted $2.58 EPS. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, equities analysts expect that Best Buy will post 6.5 EPS for the current fiscal year.

Insider Activity

In other news, CAO Mathew Watson sold 3,298 shares of the firm's stock in a transaction that occurred on Monday, March 23rd. The shares were sold at an average price of $64.02, for a total transaction of $211,137.96. Following the sale, the chief accounting officer owned 23,192 shares of the company's stock, valued at $1,484,751.84. This trade represents a 12.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Jason J. Bonfig sold 6,336 shares of Best Buy stock in a transaction that occurred on Monday, March 23rd. The shares were sold at an average price of $64.02, for a total transaction of $405,630.72. Following the transaction, the executive vice president directly owned 79,137 shares of the company's stock, valued at approximately $5,066,350.74. This trade represents a 7.41% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 77,247 shares of company stock valued at $4,945,353 over the last 90 days. Company insiders own 0.59% of the company's stock.

Institutional Trading of Best Buy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Woodline Partners LP increased its stake in shares of Best Buy by 40.1% in the 1st quarter. Woodline Partners LP now owns 16,436 shares of the technology retailer's stock valued at $1,210,000 after purchasing an additional 4,701 shares in the last quarter. Daiwa Securities Group Inc. boosted its position in Best Buy by 4.4% during the second quarter. Daiwa Securities Group Inc. now owns 29,560 shares of the technology retailer's stock worth $1,984,000 after purchasing an additional 1,234 shares in the last quarter. Investment Management Corp of Ontario grew its holdings in Best Buy by 127.7% in the second quarter. Investment Management Corp of Ontario now owns 12,997 shares of the technology retailer's stock valued at $872,000 after purchasing an additional 7,288 shares during the period. Ieq Capital LLC increased its position in shares of Best Buy by 155.4% in the second quarter. Ieq Capital LLC now owns 160,568 shares of the technology retailer's stock valued at $10,779,000 after buying an additional 97,688 shares in the last quarter. Finally, Alliancebernstein L.P. raised its stake in shares of Best Buy by 32.0% during the 2nd quarter. Alliancebernstein L.P. now owns 313,584 shares of the technology retailer's stock worth $21,051,000 after buying an additional 76,102 shares during the period. Institutional investors and hedge funds own 80.96% of the company's stock.

About Best Buy

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.

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