JPMorgan Chase & Co. Boosts Best Buy Co Price Target to $37.00 (BBY)
JPMorgan Chase & Co. upped their price objective on shares of Best Buy Co (NYSE:BBY) from $35.00 to $37.00 in a research note issued on Wednesday. The firm currently has a “buy” rating on the stock. JPMorgan Chase & Co.’s target price indicates a potential upside of 16.76% from the stock’s previous close.
Best Buy Co (NYSE:BBY) traded up 6.34% on Wednesday, hitting $31.69. 16,434,745 shares of the company’s stock traded hands. Best Buy Co has a 52-week low of $22.15 and a 52-week high of $44.66. The stock has a 50-day moving average of $30.32 and a 200-day moving average of $27.60. The company has a market cap of $11.054 billion and a price-to-earnings ratio of 9.73. Best Buy Co also was the recipient of a large growth in short interest during the month of August. As of August 15th, there was short interest totalling 27,793,796 shares, a growth of 13.1% from the July 31st total of 24,579,290 shares. Currently, 9.8% of the company’s shares are short sold. Based on an average trading volume of 2,938,124 shares, the days-to-cover ratio is presently 9.5 days.
Best Buy Co (NYSE:BBY) last issued its quarterly earnings data on Tuesday, August 26th. The company reported $0.44 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.31 by $0.13. The company had revenue of $8.90 billion for the quarter, compared to the consensus estimate of $8.98 billion. During the same quarter in the prior year, the company posted $0.32 earnings per share. The company’s quarterly revenue was down 4.0% on a year-over-year basis. Analysts expect that Best Buy Co will post $2.29 EPS for the current fiscal year.
BBY has been the subject of a number of other recent research reports. Analysts at RBC Capital raised their price target on shares of Best Buy Co from $34.00 to $36.00 in a research note on Wednesday. They now have an “outperform” rating on the stock. Separately, analysts at Piper Jaffray reiterated a “buy” rating on shares of Best Buy Co in a research note on Friday, August 22nd. Finally, analysts at Citigroup Inc. raised their price target on shares of Best Buy Co from $31.00 to $36.00 in a research note on Friday, July 11th. They now have a “buy” rating on the stock. Three investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. Best Buy Co presently has a consensus rating of “Buy” and a consensus price target of $41.25.
Best Buy Co, Inc is a multinational, multichannel retailer of technology products, including tablets and computers, televisions, mobile phones, large and small appliances, entertainment products, digital imaging and related accessories.
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