Expect Solid Holiday Comps from Best Buy (BBY), Deutsche Bank Says

Deutsche Bank retailer analyst Mike Baker reiterated a Buy rating and $50 price target on Best Buy (NYSE: BBY) Wednesday, saying to expect solid holiday comps despite tougher comparisons when the company holiday sales for November and December on January 16th.

"We are expecting a solid 2% domestic comp for the period. November and December account for about 80% of the quarter," Baker said. "Last year, the holiday comps were 0.0% domestically and the full quarter comp was 0.9% domestically, suggesting a strong January of about 4.5% domestically. We believe comps were driven by a combination of share gains and industry strength. Our 2% comp estimate domestically is on top of the 0.0% reported last year, equating to a two year stacked comp of 2.0%, the best in two years."

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 $38.38 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Best Buy (BBY) and CNET Partner to Enhance Customer Shopping Journey
• Teradyne (TER) PT Raised to $125 at TD Cowen
• Capitol Federal Financial (CFFN) PT Lowered to $5.50 at Piper Sandler