Best Buy Likely To Report Lower Q1 Earnings; Here Are The Recent Forecast Changes From Wall Street's Most Accurate Analysts
Portfolio Pulse from Avi Kapoor
Best Buy (NYSE:BBY) is expected to report lower Q1 earnings on May 30, with analysts forecasting $1.08 per share, down from $1.15 last year. Revenue is projected at $8.96 billion. Recent analyst ratings vary, with some maintaining neutral positions and others upgrading to outperform. Best Buy recently collaborated with Google Cloud and Accenture on generative AI to enhance customer experience.
May 30, 2024 | 6:12 am
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NEUTRAL IMPACT
Best Buy is expected to report lower Q1 earnings, with EPS forecasted at $1.08, down from $1.15 last year. Revenue is projected at $8.96 billion. Recent analyst ratings are mixed, with some upgrades and others maintaining neutral positions. The company also announced a collaboration with Google Cloud and Accenture on generative AI.
The expected lower earnings per share and mixed analyst ratings suggest a neutral short-term impact on Best Buy's stock. However, the collaboration with Google Cloud and Accenture on generative AI could provide a positive long-term outlook.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Accenture has partnered with Best Buy and Google Cloud to deploy generative AI to improve customer experience.
The partnership with Best Buy and Google Cloud on generative AI is likely to positively impact Accenture by showcasing its capabilities in advanced technologies, potentially attracting more clients.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50
POSITIVE IMPACT
Google Cloud, a division of Alphabet Inc., has entered into a collaboration with Best Buy and Accenture to deploy generative AI aimed at improving customer experience.
The collaboration with Best Buy and Accenture on generative AI is likely to have a positive impact on Google Cloud's reputation and business, potentially driving future revenue growth.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50