Best Buy (NYSE:BBY) Price Target Raised to $85.00

Key Points

• Evercore raised Best Buy’s price target from $65 to $85, implying about 13% upside from the prior close. The move reflects a more constructive analyst view on the stock.
• Other brokerages were also generally positive, with Telsey Advisory Group setting a $90 target and UBS at $86, while Piper Sandler stayed neutral at $77. Overall, Best Buy’s consensus rating remains Hold with an average target of $78.60.
• Best Buy recently beat quarterly earnings and revenue estimates, and analysts noted improving sentiment after the report. The stock opened at $75.12 and has traded near its 52-week high of $84.99.

Best Buy (NYSE:BBY - Get Free Report) had its target price increased by analysts at Evercore from $65.00 to $85.00 in a report issued on Friday,MarketScreener reports. Evercore's price objective would indicate a potential upside of 13.15% from the stock's previous close.

Several other brokerages also recently issued reports on BBY. Telsey Advisory Group set a $90.00 price objective on shares of Best Buy and gave the company an "outperform" rating in a research report on Friday. UBS Group set a $86.00 target price on Best Buy and gave the stock a "buy" rating in a research report on Friday. Piper Sandler reissued a "neutral" rating and issued a $77.00 price target on shares of Best Buy in a report on Thursday. Weiss Ratings lowered Best Buy from a "hold (c)" rating to a "hold (c-)" rating in a research note on Thursday, May 7th. Finally, HSBC cut their target price on Best Buy from $96.00 to $85.00 in a research report on Thursday, February 26th. Seven analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $78.60.

Best Buy Stock Performance

Shares of BBY stock opened at $75.12 on Friday. The company has a current ratio of 1.11, a quick ratio of 0.43 and a debt-to-equity ratio of 0.39. The company has a market cap of $15.83 billion, a PE ratio of 14.86, a P/E/G ratio of 1.59 and a beta of 1.22. The company's fifty day simple moving average is $61.99 and its 200-day simple moving average is $66.80. Best Buy has a 52 week low of $55.10 and a 52 week high of $84.99.

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

Insider Activity

In related news, EVP Jason J. Bonfig sold 6,336 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 $405,630.72. Following the transaction, the executive vice president owned 79,137 shares in the company, valued at $5,066,350.74. This trade represents a 7.41% 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. Also, CFO Matthew M. Bilunas sold 11,356 shares of the business'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 $727,011.12. Following the sale, the chief financial officer directly owned 76,884 shares in the company, valued at approximately $4,922,113.68. The trade was a 12.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 77,247 shares of company stock worth $4,945,353 in the last 90 days. 0.47% of the stock is currently owned by corporate insiders.

Institutional Trading of Best Buy

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Palisade Asset Management LLC acquired a new position in Best Buy during the third quarter worth about $25,000. MV Capital Management Inc. acquired a new stake in Best Buy in the 4th quarter valued at about $25,000. Torren Management LLC bought a new position in shares of Best Buy during the 4th quarter valued at about $25,000. Hillsdale Investment Management Inc. acquired a new position in shares of Best Buy in the 4th quarter worth approximately $29,000. Finally, Quest 10 Wealth Builders Inc. raised its holdings in shares of Best Buy by 239.2% in the 4th quarter. Quest 10 Wealth Builders Inc. now owns 441 shares of the technology retailer's stock worth $30,000 after purchasing an additional 311 shares in the last quarter. Institutional investors own 80.96% of the company's stock.

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.

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