These Analysts Cut Their Forecasts On Best Buy After Q3 Results
Portfolio Pulse from Lisa Levin
Best Buy Co Inc (NYSE:BBY) reported Q3 FY24 results with a 7.8% sales decline to $9.76 billion, missing estimates, but beat EPS expectations with $1.29. The company lowered its FY24 revenue guidance to $43.1-$43.7 billion and tightened adjusted EPS guidance to $6.00-$6.30. Despite this, BBY shares rose 1.1%. Telsey Advisory Group, Truist Securities, and Wedbush adjusted their price targets and maintained their ratings post-earnings.
November 22, 2023 | 4:40 pm
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NEUTRAL IMPACT
Best Buy's Q3 FY24 sales fell 7.8% to $9.76B, missing estimates, but EPS of $1.29 beat forecasts. FY24 revenue and EPS guidance were lowered. Shares rose 1.1% despite the guidance cut.
Best Buy's stock price rose despite the sales miss and lowered guidance, indicating mixed market reactions. The EPS beat may have provided some positive sentiment, but the lowered guidance could limit upside potential in the short term. Analysts' price target adjustments reflect a recalibration of expectations rather than a drastic change in outlook, suggesting a neutral short-term impact.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100