Best Buy (BBY) PT Trimmed at Jefferies But 'Buy' Maintained

Jefferies analyst, Daniel Binder, highlighted Best Buy (NYSE: BBY) as a favorite retail name as it outperforms the industry and experiences robust growth online. It is one of the few retailers that saw an acceleration in online growth in Q3.

Each quarter the analyst sees the great work in progress as more resets are completed and stores transform to mini malls as great brands get allocated space and kiosks to show off their products.

Subsidies for labor and rent have aided BBY’s turnaround while creating a more exciting shopping environment in the stores for customers. This also includes better trained employees and at times vendor employees as well. We think this will resonate with customers through the holidays and we remain impressed with the progress. More recent upgrades include the Apple experience, Pacific Sales, Verizon and AT&T.

No change to Buy rating, PT drops to $47 from $50 on out year 6x EV/EBITDA.

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 $30.67 yesterday.

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