Morgan Stanley Raises Price Target on Best Buy (BBY) to $35 Following Solid 2Q

August 24, 2016 1:04 PM EDT
Get Alerts BBY Hot Sheet
Price: $39.26 -0.51%

Rating Summary:
    8 Buy, 16 Hold, 5 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 11 | Down: 23 | New: 30
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Morgan Stanley reiterated an Equalweight rating on Best Buy (NYSE: BBY), and raised the price target to $35.00 (from $28.00), following the company's 2Q earnings report. Q2 comps were better than expected at +0.8% vs. consensus estimates of -0.4%, and Q3 comp guidance of +1% is solid and suggests QTD trends are running higher.

Analyst Simeon Gutman commented, "BBY is asserting its relevance in the CE category with strong execution and is being rewarded with market share gains. These gains helped drive a Q2 beat and a good start to the all-important 2H. Raising price target to $35."

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 $39.23 yesterday.

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