Morgan Stanley Raises Price Target on Best Buy (BBY) to $35 Following Solid 2Q
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
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."
Shares of Best Buy closed at $39.23 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Wedbush Raises Price Target on Citizens Financial Group (CFG) Following 3Q EPS Beat
- UPDATE: Seaport Global Securities Starts Union Pacific (UNP) at Buy
- Needham & Company Raises Price Target on II-VI, Inc. (IIVI) Ahead of 1Q Release
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesMorgan Stanley, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!