Oppenheimer analyst Brian Nagel upgraded Best Buy Co (BBY) to Buy today and set a price target of $86. The company’s shares closed yesterday at $70.56.
Nagel noted:
“We are lifting our rating on and establishing a 12-18 month price target of $86 for shares. Over the past few years, under the direction of new senior leadership, Best Buy has undergone a significant transformation, whereby it evolved from a traditional chain of large-format superstores to one of retail’s preeminent omni-channel operators, which utilizes digital well as a means to connect better with consumers and enhance underlying disciplines. The market narrative on BBY is now more upbeat. That said, we believe investors are still not fully embracing improved sales and EPS power of Best Buy, particularly as new drivers for the company are beginning to emerge.”
According to TipRanks.com, Nagel is a 5-star analyst with an average return of 8.7% and a 63.5% success rate. Nagel covers the Services sector, focusing on stocks such as Weight Watchers International, Capri Holdings Limited, and Dick’s Sporting Goods.
Best Buy Co has an analyst consensus of Moderate Buy, with a price target consensus of $74.62, which is a 5.8% upside from current levels. In a report issued on March 7, Loop Capital Markets also maintained a Buy rating on the stock with a $88 price target.
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Best Buy Co’s market cap is currently $19.19B and has a P/E ratio of 13.41. The company has a Price to Book ratio of 6.37.
Based on the recent corporate insider activity of 47 insiders, corporate insider sentiment is negative on the stock.
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Best Buy Co., Inc. provides consumer electronics, home office products, entertainment products, appliances and related services. It operates through two business segments: Domestic and International.
