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Best Buy (BBY): 3 Reasons To Expect Strong Comps - Piper

August 22, 2017 8:18 AM EDT
Get Alerts BBY Hot Sheet
Price: $82.03 +0.20%

Rating Summary:
    11 Buy, 19 Hold, 5 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 13 | Down: 11 | New: 11
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Piper Jaffray analyst, Peter Keith, reiterated his Overweight rating on shares of Best Buy (NYSE: BBY) ahead of Q2 earnings next Tuesday. The analyst sees 3 reasons to expect strong comps and one headwind:

1) the hhgregg's liquidation in May should create a +1% comp lift starting in Q2;

2) continued strong demand for the Nintendo Switch

3) the delayed Samsung Galaxy S8 phone launch in April – a +1% comp lift to Q2

The analyst also stated "As a negative, TV units appear challenged, although price deflation appears to have moderated somewhat".

This sums up to a +2.0% comp in Q2 vs. guidance of +1.5%-2.5%.

No change to the price target of $70.

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 $60.45 yesterday.



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