Investor Caution: Best Buy's Q2 Revenues To Slump, Analyst Still Calls It Key Player
Portfolio Pulse from Nabaparna Bhattacharya
Telsey Advisory Group analyst Joseph Feldman reiterated a Market Perform rating on Best Buy Co., Inc. (NYSE:BBY) with a price target of $78. Feldman expects Best Buy's Q2 revenues to decline due to challenging macro trends. However, he believes the company will offset these challenges with solid execution and initiatives, including the new My Best Buy membership program. BBY shares are currently trading higher by 0.17% to $78.72.
August 21, 2023 | 6:40 pm
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Best Buy's Q2 revenues are expected to decline due to challenging macro trends. However, the company's new initiatives, including the My Best Buy membership program, are expected to offset these challenges.
The analyst expects Best Buy's Q2 revenues to decline due to challenging macro trends, including inflation and elevated interest rates. However, he believes the company's new initiatives, including the My Best Buy membership program, will help offset these challenges. This could potentially stabilize the company's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100