Best Buy (BBY): 3 Reasons To Expect Strong Comps - Piper
Get Alerts BBY Hot Sheet
Rating Summary:
11 Buy, 19 Hold, 5 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 13 | Down: 11 | New: 11
Join SI Premium – FREE
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Midday movers: RH, Estee Lauder rise; Tesla falls
- Deutsche Bank Reiterates Buy Rating on Target (TGT), Adds to Q2 Fresh Money List
- Cantor Fitzgerald Downgrades Caledonia Mining Corporation (CMCL) to Hold
Create E-mail Alert Related Categories
Analyst CommentsRelated Entities
Piper Jaffray, EarningsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!