Best Buy Co. Stock Rating Reaffirmed by Deutsche Bank (BBY)
Best Buy Co. (NYSE:BBY)‘s stock had its “buy” rating reaffirmed by analysts at Deutsche Bank in a research report issued to clients and investors on Tuesday, Analyst Ratings Network.com reports. They currently have a $40.00 price target on the stock, up from their previous price target of $31.00. Deutsche Bank’s target price points to a potential upside of 14.94% from the stock’s previous close.
The analysts wrote, “TV comps flat for the first time in three years. We believe this was the most important incremental take away from the call. With TV’s and accessories accounting for at least 20% of sales, we believe a 5% swing in comps from down mid single digits to flat likely contributed over 1% to comps. By the same logic, if TVs’ start to comp positively, this should be enough to turn total comps positive. We think one of the reasons why TV’s have improved is due to BBY closing the price gap. Over time, we think earnings power can be $4 in our base case, but higher if the TV rebound is greater than expected.”
Best Buy Co. (NYSE:BBY) traded down 2.27% during mid-day trading on Tuesday, hitting $34.01. The stock had a trading volume of 5,190,270 shares. Best Buy Co. has a one year low of $11.20 and a one year high of $34.82. The stock has a 50-day moving average of $30.08 and a 200-day moving average of $24.96. The company’s market cap is $11.558 billion. Best Buy Co. also was the target of unusually large options trading on Monday. Stock investors bought 23,651 call options on the company. This represents an increase of 161% compared to the typical daily volume of 9,073 call options.
Best Buy Co. (NYSE:BBY) last announced its earnings results on Tuesday, August 20th. The company reported $0.32 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.12 by $0.20. The company had revenue of $9.30 billion for the quarter, compared to the consensus estimate of $9.13 billion. During the same quarter last year, the company posted $0.26 earnings per share. Best Buy Co.’s revenue was down .4% compared to the same quarter last year. On average, analysts predict that Best Buy Co. will post $2.20 earnings per share for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at JPMorgan Chase & Co. raised their price target on shares of Best Buy Co. from $29.00 to $36.00 in a research note to investors on Monday. They now have an “overweight” rating on the stock. Separately, analysts at UBS AG raised their price target on shares of Best Buy Co. from $27.00 to $31.00 in a research note to investors on Friday, August 16th. They now have a “neutral” rating on the stock. Finally, analysts at Morgan Stanley reiterated a “buy” rating on shares of Best Buy Co. in a research note to investors on Thursday, August 15th.
Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and nineteen have assigned a buy rating to the company’s stock. Best Buy Co. currently has a consensus rating of “Buy” and a consensus price target of $34.42.
The company also recently declared a quarterly dividend, which is scheduled for Tuesday, October 1st. Investors of record on Tuesday, September 10th will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 1.95%.
Best Buy Co, Inc is a multinational retailer of consumer electronics, computing and mobile phone products, entertainment products, appliances and related services.
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