BNP Paribas Exane Forecasts Strong Price Appreciation for Best Buy (NYSE:BBY) Stock

Key Points

• BNP Paribas Exane raised Best Buy’s price target from $74 to $76 while keeping a neutral rating, implying only about 1.17% upside from the current share price.
• Best Buy recently delivered a Q1 earnings beat, posting $1.28 EPS on $8.94 billion in revenue, both above analyst expectations, while revenue rose 1.9% year over year.
• Analyst views remain mixed overall: the stock has a Hold consensus with a consensus price target of $78.60, though several firms recently raised targets, including Jefferies to $89 and Morgan Stanley to $80.

Best Buy (NYSE:BBY - Get Free Report) had its target price raised by analysts at BNP Paribas Exane from $74.00 to $76.00 in a report issued on Friday,MarketScreener reports. The brokerage presently has a "neutral" rating on the technology retailer's stock. BNP Paribas Exane's target price would suggest a potential upside of 1.17% from the company's current price.

BBY has been the subject of a number of other reports. Jefferies Financial Group increased their price objective on shares of Best Buy from $83.00 to $89.00 and gave the stock a "buy" rating in a research note on Thursday. Citigroup dropped their target price on Best Buy from $69.00 to $60.00 and set a "neutral" rating on the stock in a report on Tuesday, May 12th. Evercore set a $65.00 price target on Best Buy in a research report on Tuesday, April 14th. Morgan Stanley boosted their target price on shares of Best Buy from $72.00 to $80.00 and gave the stock an "equal weight" rating in a report on Friday. Finally, HSBC cut their price target on shares of Best Buy from $96.00 to $85.00 in a research note on Thursday, February 26th. Seven research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $78.60.

Best Buy Price Performance

Best Buy stock opened at $75.12 on Friday. The business has a 50-day moving average of $61.99 and a 200-day moving average of $66.80. Best Buy has a 1 year low of $55.10 and a 1 year high of $84.99. The firm has a market capitalization of $15.83 billion, a P/E ratio of 14.86, a PEG ratio of 1.59 and a beta of 1.22. The company has a current ratio of 1.11, a quick ratio of 0.43 and a debt-to-equity ratio of 0.39.

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

Insider Transactions at Best Buy

In related news, CEO Corie S. Barry sold 42,869 shares of the business's stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $64.02, for a total value of $2,744,473.38. Following the transaction, the chief executive officer owned 523,138 shares in the company, valued at $33,491,294.76. The trade was a 7.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Matthew M. Bilunas sold 11,356 shares of the company's stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $64.02, for a total transaction of $727,011.12. Following the sale, the chief financial officer directly owned 76,884 shares in the company, valued at $4,922,113.68. This trade represents a 12.87% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 77,247 shares of company stock valued at $4,945,353. 0.47% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Best Buy

Several large investors have recently added to or reduced their stakes in BBY. Huntington National Bank increased its position in shares of Best Buy by 12.0% during the third quarter. Huntington National Bank now owns 1,298 shares of the technology retailer's stock worth $98,000 after purchasing an additional 139 shares in the last quarter. Krane Funds Advisors LLC lifted its stake in Best Buy by 3.0% in the fourth quarter. Krane Funds Advisors LLC now owns 5,163 shares of the technology retailer's stock valued at $346,000 after buying an additional 151 shares during the last quarter. Linden Thomas Advisory Services LLC grew its position in shares of Best Buy by 0.9% during the fourth quarter. Linden Thomas Advisory Services LLC now owns 16,637 shares of the technology retailer's stock worth $1,114,000 after acquiring an additional 152 shares during the last quarter. Applied Finance Capital Management LLC increased its holdings in shares of Best Buy by 3.8% in the 4th quarter. Applied Finance Capital Management LLC now owns 4,270 shares of the technology retailer's stock valued at $286,000 after acquiring an additional 157 shares during the period. Finally, International Private Wealth Advisors LLC boosted its stake in shares of Best Buy by 5.2% during the fourth quarter. International Private Wealth Advisors LLC now owns 3,345 shares of the technology retailer's stock worth $224,000 after buying an additional 165 shares during the period. Institutional investors and hedge funds own 80.96% of the company's stock.

Trending Headlines about 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

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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