Best Buy (BBY): Shares Are Fully Valued - UBS

November 11, 2016 7:39 AM EST
Get Alerts BBY Hot Sheet
Price: $43.36 -0.62%

Rating Summary:
    7 Buy, 17 Hold, 5 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
Trade BBY Now!
Join SI Premium – FREE

Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.

UBS analyst, Michael Lasser, reiterated his Neutral rating on shares of Buy Best Buy (NYSE: BBY) heading into the 3Q report. The analyst thinks that this quarter, "the setup for BBY’s shares is vastly different than last period".

The stock has rallied, expectations have moved up, and the industry data has improved. We model a 1.0% domestic comp, in-line with cons. & exceeding the -2.1% CE retail sales decline for the first 2 months of the Q. We think the gap between BBY's comp & NPD CE growth remained wide. Though, the co. will lap tougher multi-year gains in 3Q relative to 2Q. This could that mean its outperformance of the industry starts to slow.

SSS should be supported by the iPhone 7 launch & unit growth of 4K TVs (CE faces easier compares in 2H) No change to the price target of $38 but the analyst stated that he thinks the shares are fully valued.

For an analyst ratings summary and ratings history on Best Buy click here. For more ratings news on Best Buy click here.

Shares of Best Buy closed at $39.98 yesterday.

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories

Analyst Comments, Analyst EPS View

Related Entities


Add Your Comment