Piper Jaffray Analyst Unwilling To Upgrade Best Buy Co Inc (BBY) Just Yet

Analyst Peter Keith of Piper Jaffray maintained his Neutral rating for Best Buy Co Inc (NYSE:BBY) with the same price target of $31, marking a 0.16% increase from current levels.

The analyst kept his rating after preforming the Apple iPhone Purchase Intent Survey. The survey looked promising, but not enough for the analyst to increase his rating for Best Buy, whose revenue for the second half of the year is very reliant on the new iPhone sales. CFO Corie Barry expects “the innovation advancement and upgrade dynamic to sit somewhere between how the iPhone 6 and 6s launches performed.” Best Buy is also anticipating iPhone buyers to upgrade to the new iPhone, which is sure to have an increased memory capacity.

According to TipRanks, Keith has a success rate of 46% with an average return of 1.9% per recommendation.


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