RBC Lifts Price Target on Best Buy (BBY) to $49
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An analyst at RBC Capital boosted estimates and his price target on shares of Best Buy (NYSE: BBY) from $44 to $49 this morning, also maintaining an Outperform rating.
Despite the bullish comments, shares of RBC are down 0.3% to $42.70 today. The firm's new price target represents potential upside of about 15%.
The RBC analyst raised his Q3 EPS estimate from $0.39 to $0.44, citing strong expected margin performance over the quarter, as well as solid same store sales results. The analyst is currently predicting a 10 basis point decline in gross margin versus the year ago quarter (up from a 50 point decline previously) and a 4% jump in same store sales. Best Buy reported a 6.3% decline in Q3 comps last year. Further, the analyst said that he likes that Best Buy has been less aggressive on pricing during Q3 as compared to Q2.
To see all the analyst calls on shares of Best Buy, visit our Analyst Ratings page.
Best Buy Co., Inc. operates as a specialty retailer in the United States, Canada, Mexico, China, and Europe.
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