Best Buy (BBY) PT Raised to $107 at Truist Securities

Truist Securities analyst Scot Ciccarelli raised the price target on Best Buy (NYSE: BBY) to $107.00 (from $86.00) while maintaining a Hold rating.

The analyst commented: "Trends appear to be stabilizing and profitability improving; valuation seems to reflect it - 2Q sales/earnings were modestly ahead of expectations (EPS were $1.34 vs. our $1.17E) and the company now expects EPS of $6.10-$6.35 (up ~4% at the midpoint), given improved profitability trends, despite the challenging sales environment. However, 3Q is off to a solid start with flat comps and there are some green shoots including positive comps in laptops and tablets, which may also lead to improvement in mobile as AI tech proliferates and we move further away from the pandemic-related
pull forward. We think trends are moving in the right direction, but the stock already reflects many of these improvements. PT to $107 from $86."

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