RBC Capital Boosts Best Buy Co Price Target to $36.00 (BBY)
RBC Capital boosted their target price on shares of Best Buy Co (NYSE:BBY) from $34.00 to $36.00 in a research note issued on Wednesday. The firm currently has an “outperform” rating on the stock. RBC Capital’s target price would indicate a potential upside of 20.81% from the stock’s previous close.
Best Buy Co (NYSE:BBY) opened at 29.80 on Wednesday. Best Buy Co has a one year low of $22.15 and a one year high of $44.66. The stock’s 50-day moving average is $30.32 and its 200-day moving average is $27.60. The company has a market cap of $10.394 billion and a P/E ratio of 9.73. Best Buy Co also was the recipient of a significant growth in short interest in 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. Based on an average daily volume of 2,938,124 shares, the short-interest ratio is presently 9.5 days. Currently, 9.8% of the company’s stock are sold short.
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.
Several other analysts have also recently commented on the stock. Analysts at Piper Jaffray reiterated a “buy” rating on shares of Best Buy Co in a research note on Friday, August 22nd. Separately, 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. Finally, analysts at Morgan Stanley reiterated a “buy” rating on shares of Best Buy Co in a research note on Wednesday, June 25th. Three equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $41.08.
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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