Loop Capital Increases Best Buy (NYSE:BBY) Price Target to $85.00

Key Points

• Loop Capital raised its price target on Best Buy from $75 to $85 and kept a buy rating, implying about 13% upside from the current share price.
• Best Buy recently reported a strong quarter, beating earnings and revenue estimates with EPS of $1.28 on revenue of $8.94 billion, while also maintaining full-year guidance.
• Analyst views remain mixed overall: several firms adjusted targets and ratings, but Best Buy still has a consensus Hold rating with an average price target of $78.60.

Best Buy (NYSE:BBY - Get Free Report) had its target price hoisted by analysts at Loop Capital from $75.00 to $85.00 in a report issued on Friday,MarketScreener reports. The firm currently has a "buy" rating on the technology retailer's stock. Loop Capital's price target indicates a potential upside of 13.15% from the company's current price.

A number of other research analysts also recently commented on BBY. Weiss Ratings downgraded shares of Best Buy from a "hold (c)" rating to a "hold (c-)" rating in a research note on Thursday, May 7th. Wells Fargo & Company decreased their price target on Best Buy from $70.00 to $60.00 and set an "equal weight" rating for the company in a research note on Thursday, May 14th. BNP Paribas Exane boosted their price objective on Best Buy from $74.00 to $76.00 and gave the company a "neutral" rating in a report on Friday. Daiwa Securities Group reduced their target price on Best Buy from $80.00 to $68.00 and set a "neutral" rating on the stock in a report on Thursday, March 5th. Finally, The Goldman Sachs Group downgraded Best Buy from a "buy" rating to a "sell" rating and set a $59.00 price target for the company. in a report on Monday, April 13th. Seven research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Best Buy currently has a consensus rating of "Hold" and an average target price of $78.60.

Best Buy Stock Up 0.5%

Shares of NYSE:BBY opened at $75.12 on Friday. Best Buy has a 1 year low of $55.10 and a 1 year high of $84.99. The stock has a 50-day simple moving average of $61.99 and a 200-day simple moving average of $66.80. The stock 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 debt-to-equity ratio of 0.39, a quick ratio of 0.43 and a current ratio of 1.11.

Best Buy (NYSE:BBY - Get Free Report) last released its quarterly earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share 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 business had revenue of $8.94 billion during the quarter, compared to analyst estimates of $8.82 billion. During the same period last year, the business earned $1.15 EPS. The business's revenue was up 1.9% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Equities analysts forecast that Best Buy will post 6.5 earnings per share for the current year.

Insider Buying and Selling

In other Best Buy news, CEO Corie S. Barry sold 42,869 shares of Best Buy stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $64.02, for a total transaction of $2,744,473.38. Following the completion of the sale, the chief executive officer owned 523,138 shares of the company's stock, valued at $33,491,294.76. This trade represents a 7.57% decrease in their position. The sale was disclosed in a filing with the SEC, 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 stock was sold at an average price of $64.02, for a total transaction of $727,011.12. Following the completion of the transaction, 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 ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 77,247 shares of company stock worth $4,945,353. Insiders own 0.47% of the company's stock.

Institutional Investors Weigh In On Best Buy

Several institutional investors have recently made changes to their positions in BBY. AQR Capital Management LLC increased its holdings in Best Buy by 99.8% in the third quarter. AQR Capital Management LLC now owns 6,997,871 shares of the technology retailer's stock worth $525,120,000 after buying an additional 3,496,254 shares during the last quarter. Norges Bank acquired a new stake in Best Buy in the fourth quarter valued at approximately $174,685,000. Schroder Investment Management Group grew its position in Best Buy by 378.8% in the fourth quarter. Schroder Investment Management Group now owns 3,096,015 shares of the technology retailer's stock worth $207,216,000 after acquiring an additional 2,449,342 shares in the last quarter. Hsbc Holdings PLC grew its position in Best Buy by 104.1% in the fourth quarter. Hsbc Holdings PLC now owns 2,020,539 shares of the technology retailer's stock worth $135,685,000 after acquiring an additional 1,030,544 shares in the last quarter. Finally, KBC Group NV increased its stake in shares of Best Buy by 293.6% during the 4th quarter. KBC Group NV now owns 1,052,805 shares of the technology retailer's stock worth $70,464,000 after purchasing an additional 785,294 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

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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