Best Buy (BBY) PT Raised to $115 at Citi

Citi analyst Steven Zaccone raised the price target on Best Buy (NYSE: BBY) to $115.00 (from $100.00) while maintaining a Buy rating.

The analyst commented, "We update our model following 2Q earnings by raising FY25 and FY26 EPS estimates. We believe the positive earnings revisions are in early innings at BBY as replacement cycle demand and growing innovation are underway in tablets/computers. We see potential for incremental upside as rate cuts benefit some of the weaker areas of the business into next year, most notably TVs and appliances. We recognize the macro backdrop creates uncertainty for the 2H, especially holiday spending, but we believe the catalyst path is positive from here and BBY is pivoting to growth on a multi-year basis. Stock specific, we raise our target price to $115 (from $100) based on 16x our new FY26 EPS estimates. Our valuation multiple rolls forward the stock’s current FY1 multiple on Street estimates to next year and represents a premium to the stock’s 5-year average based on the inflection to SSS growth."

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