Best Buy (BBY) Closes Gap with Amazon (AMZN) on TV Pricing
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Price: $90.80 -4.24%
Rating Summary:
6 Buy, 26 Hold, 5 Sell
Rating Trend:
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Today's Overall Ratings:
Up: 7 | Down: 6 | New: 39
Rating Summary:
6 Buy, 26 Hold, 5 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 7 | Down: 6 | New: 39
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Best Buy (NYSE: BBY) TV pricing reflects improvement in price competitiveness relative to Amazon (Nasdaq: AMZN), thinks analyst Matthew J. Fassler of Goldman Sachs.
"Our comprehensive review of BBY's TV pricing reinforces the impact of Renew Blue pricing-related initiatives. BBY's TV pricing is at the smallest gap to AMZN in the past 4-years, based on our study covering every BBY TV SKU in late October through November. BBY has successfully removed price as a barrier within the TV category," said Fassler.
"We still expect a promotional Black Friday within consumer electronics. Discounter stores have taken note of BBY's improved positioning and are offering a competitive response. Average discounts for BBY's Black Friday weekend promotions are 33%, but this is approximately in-line with the 34% discounts we measured last year. We believe BBY is better equipped to fight for market share against online and discounter competition than it has been for several years," added the analyst.
Goldman Sachs maintained a Buy rating on Best Buy with a price target of $45.00
For an analyst ratings summary and ratings history on Best Buy (NYSE: BBY) click here. For more ratings news on Best Buy click here.
Shares of Best Buy closed at $39.61 yesterday.
"Our comprehensive review of BBY's TV pricing reinforces the impact of Renew Blue pricing-related initiatives. BBY's TV pricing is at the smallest gap to AMZN in the past 4-years, based on our study covering every BBY TV SKU in late October through November. BBY has successfully removed price as a barrier within the TV category," said Fassler.
"We still expect a promotional Black Friday within consumer electronics. Discounter stores have taken note of BBY's improved positioning and are offering a competitive response. Average discounts for BBY's Black Friday weekend promotions are 33%, but this is approximately in-line with the 34% discounts we measured last year. We believe BBY is better equipped to fight for market share against online and discounter competition than it has been for several years," added the analyst.
Goldman Sachs maintained a Buy rating on Best Buy with a price target of $45.00
For an analyst ratings summary and ratings history on Best Buy (NYSE: BBY) click here. For more ratings news on Best Buy click here.
Shares of Best Buy closed at $39.61 yesterday.
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