Best Buy (BBY) Price Target Raised to $35 at Jefferies

Jefferies raised its price target on Best Buy (NYSE: BBY) from $31 to $35 ahead of Q2 results. The firm maintained a Buy rating.

Analyst Daniel Binder weighs in: "In many cases we think May and early June showed strength on pent-up demand for more seasonal business, but then decelerated in 2H June. We are making modest sales adjustments. Some retailers may benefit from a later quarter end and more back to school sales. Expecting HD and LOW to look strongest. We think KSS and DLTR could get to high end of plan. BBY still transitioning. WMT should show improvement in food – BTS tour July 23."

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 $28.81 yesterday.

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