Evercore ISI Issues Pessimistic Forecast for Best Buy (NYSE:BBY) Stock Price

Best Buy (NYSE:BBY) had its price objective reduced by research analysts at Evercore ISI from $80.00 to $70.00 in a research note issued on Tuesday, Marketbeat Ratings reports. The brokerage presently has an “in-line” rating on the technology retailer’s stock. Evercore ISI’s target price suggests a potential upside of 2.16% from the stock’s current price.

Other research analysts have also recently issued reports about the stock. Barclays decreased their target price on shares of Best Buy from $81.00 to $77.00 and set an “equal weight” rating for the company in a report on Thursday, January 8th. Piper Sandler boosted their price objective on shares of Best Buy from $75.00 to $76.00 and gave the stock a “neutral” rating in a report on Wednesday, November 26th. BNP Paribas Exane lowered their price objective on Best Buy from $69.00 to $68.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 26th. Truist Financial reduced their target price on Best Buy from $77.00 to $73.00 and set a “hold” rating for the company in a report on Friday, January 16th. Finally, Morgan Stanley lowered their price target on Best Buy from $82.00 to $76.00 and set an “equal weight” rating on the stock in a report on Thursday, January 15th. Eight investment analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $81.63.

Best Buy Stock Up 4.5%

BBY stock opened at $68.52 on Tuesday. The business has a 50 day moving average of $70.11 and a 200 day moving average of $73.21. The firm has a market cap of $14.36 billion, a PE ratio of 22.69, a price-to-earnings-growth ratio of 1.55 and a beta of 1.44. Best Buy has a twelve month low of $54.99 and a twelve month high of $91.68. The company has a quick ratio of 0.26, a current ratio of 1.05 and a debt-to-equity ratio of 0.44.

Best Buy (NYSE:BBY) last released its earnings results on Tuesday, November 25th. The technology retailer reported $1.40 EPS for the quarter, topping analysts’ consensus estimates of $1.31 by $0.09. The firm had revenue of $9.67 billion for the quarter, compared to analysts’ expectations of $9.57 billion. Best Buy had a return on equity of 50.02% and a net margin of 1.54%.The company’s quarterly revenue was up 2.4% on a year-over-year basis. During the same period in the prior year, the firm posted $1.26 earnings per share. Best Buy has set its FY 2026 guidance at 6.250-6.350 EPS. On average, research analysts forecast that Best Buy will post 6.18 EPS for the current fiscal year.

Hedge Funds Weigh In On Best Buy

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Harbor Capital Advisors Inc. boosted its stake in shares of Best Buy by 69.3% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 337 shares of the technology retailer’s stock worth $25,000 after acquiring an additional 138 shares during the last quarter. Torren Management LLC purchased a new stake in shares of Best Buy in the 4th quarter worth $25,000. Palisade Asset Management LLC bought a new position in Best Buy in the 3rd quarter worth $25,000. Quest 10 Wealth Builders Inc. lifted its position in Best Buy by 239.2% during the fourth quarter. Quest 10 Wealth Builders Inc. now owns 441 shares of the technology retailer’s stock valued at $30,000 after purchasing an additional 311 shares in the last quarter. Finally, Activest Wealth Management grew its holdings in Best Buy by 1,247.1% during the fourth quarter. Activest Wealth Management now owns 458 shares of the technology retailer’s stock valued at $31,000 after purchasing an additional 424 shares during the period. Hedge funds and other institutional investors own 80.96% of the company’s stock.

About Best Buy

Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.

Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.