Best Buy Co. Rating Increased to Buy at Oppenheimer (BBY)
Best Buy Co. (NYSE:BBY) was upgraded by stock analysts at Oppenheimer from a “market perform” rating to a “buy” rating in a report issued on Thursday, TheFlyOnTheWall.com reports. The firm currently has a $50.00 target price on the stock, up from their previous target price of $41.60. Oppenheimer’s target price points to a potential upside of 20.19% from the stock’s previous close.
The analysts wrote, “We are lifting our rating on Best Buy to Outperform. Our new $50 price target suggests upside of 20%+ from current levels. A turnaround has been under way at BBY for several quarters. Under new management BBY is more focused on cost controls while working to improve the chain’s competitive standing in CE Retail. Shares have reacted very favorably to improving trends at BBY. We believe the BBY recovery still has substantial legs. Data suggest that top-line trends are now improving. Renewed share buybacks should soon enhance an already strengthening EPS growth profile. Shares appear to remain meaningfully under-owned by traditional retail stock-oriented investors.”
In other Best Buy Co. news, major shareholder Richard M. Schulze unloaded 1,708,334 shares of the stock on the open market in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $37.78, for a total value of $64,540,858.52. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Major shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.
Best Buy Co. (NYSE:BBY) traded up 2.48% on Thursday, hitting $42.63. 6,677,115 shares of the company’s stock traded hands. Best Buy Co. has a 1-year low of $11.20 and a 1-year high of $42.07. The stock’s 50-day moving average is $37.9 and its 200-day moving average is $30.26. The company’s market cap is $14.559 billion.
Best Buy Co. (NYSE:BBY) last posted its quarterly 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 $2.39 earnings per share for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at Bank of America Corp. reiterated a “hold” rating on shares of Best Buy Co. in a research note to investors on Wednesday. They now have a $38.00 price target on the stock. Separately, analysts at Stifel Nicolaus raised their price target on shares of Best Buy Co. to $48.00 in a research note to investors on Wednesday. They now have a “buy” rating on the stock. Finally, analysts at Cleveland Research reiterated a “buy” rating on shares of Best Buy Co. in a research note to investors on Tuesday. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and twenty have issued a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $40.78.
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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