Research
DA Davidson Downgrades Best Buy to Neutral From Buy, Price Target is $95
Best Buy (BBY) has an average rating of hold and mean price target of $87.16, according to analysts polled by FactSet.
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US Markets
Uneven Investor Sentiment Toward Hardline Retailers Could Persist Amid Macro Headwinds, UBS Says
Investor sentiment toward US hardline retailers has become uneven and is likely to remain so unless macroeconomic headwinds dissipate, UBS Securities said in a note e-mailed Friday.Describing the prevailing mood as "a mix of apathy, caution, and chagrin," the brokerage said investors have become increasingly selective about hardline retail stocks amid a lack of long-term secular growth potential for the sector."Headlines surrounding affordability pressures, interest rates, inflation, labor market disruption, tariffs, freight costs, and geopolitical instability have created a backdrop that feels persistently unsettled," UBS analysts, including Michael Lasser, said in a note to clients. "As a result, many investors increasingly view the sector through a defensive lens rather than an aspirational one."Last month, official data showed that US inflation accelerated sequentially in July, while consumer spending growth eased. A University of Michigan survey showed that consumer sentiment in the country dropped in August amid concerns that inflation will continue to be high for the "foreseeable future."Dollar stores have seen an acceleration recently, while retail giant Walmart (WMT) and Costco Wholesale (COST) have seen a "moderation," sparking renewed debate about changing consumer behavior, UBS said."Investors continue to monitor credit card delinquencies, wealth effects tied to equity markets, and fuel prices as key variables that could shape spending patterns over the next several quarters," the analysts wrote.Walmart seems to be undergoing "a gradual regeneration" of its shareholder base, according to the brokerage. "The prevailing view is that the stock may remain range-bound near term as investors wait for proof that the most compelling elements of the investment thesis can translate into tangible financial outcomes," the analysts said.Costco's latest sales data reignited debate over whether the warehouse chain's recent performance reflects "continued deceleration or the early stages of stabilization," UBS said."Bulls remain focused on traffic growth, membership engagement, and the enduring strength of Costco's flywheel," the analysts wrote. "Skeptics question whether the stock can continue to command its premium valuation if the business settles into a slightly lower long-term comp framework."Following a few quarters of mid-single-digit comparable sales growth at Target (TGT), the investor discussion has moved to debating the retailer's long-term earnings potential from questioning the business' relevance, according to the note.Walmart, Dollar General (DG), Dollar Tree (DLTR), Best Buy (BBY), Home Depot (HD), and Tractor Supply (TSCO) are generally seen as tariff refund beneficiaries, while Target, Williams-Sonoma (WSM), and Five Below (FIVE) are "more commonly" viewed as the companies on the other end of the spectrum, UBS said."This distinction may become increasingly important as investors begin to focus on the anniversary of these benefits and their second- and third-order implications for margins, pricing strategies, and earnings growth moving into next year," the analysts said.Price: $107.27, Change: $-1.15, Percent Change: -1.06%
$BBY$COST$DG$DLTR$FIVE$HD$TGT$TSCO$WMT$WSM
Wire
Best Buy's Broad Q2 Beat Shifts Debate to Earnings Durability, UBS Says
Best Buy's (BBY) strong fiscal Q2 results showed broad-based sales momentum, and the investment debate now shifts to earnings durability as investors assess whether the electronics retailer can sustain profit growth, UBS Securities said Friday in a report.Enterprise comparable sales rose 4.1% in Q2, including 4.5% growth in the US, with both measures far exceeding guidance and consensus, UBS said. Growth spanned computing, home theater, mobile phones, appliances and newer categories, while blended average selling prices fell less than 1%, implying positive unit growth, the report said.UBS said some tailwinds will fade as Windows 10 replacement demand normalizes and memory cost inflation persists, while tariff refunds continue to distort reported earnings."The focus now shifts from sales growth to earnings quality," the report said. "The market will want to know how durable the demand is, how mix evolves and how much of the upside reaches operating income."UBS raised its price target on Best Buy stock to $90 from $86 and maintained its neutral rating.Price: $82.53, Change: $-1.04, Percent Change: -1.24%
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Wire
Best Buy's Strong Q2 Overshadowed by Cautious Outlook as Computing Tailwind Fades, Wedbush Says
Best Buy's (BBY) strong fiscal Q2 results contrasted with a cautious outlook for the rest of the year, as the electronics retailer expects computer demand to moderate after a temporary Windows 10-related boost, Wedbush Securities said Friday in a report.Best Buy delivered broad-based strength in Q2, with comparable sales rising 4.1%, well above consensus and driven by gains in computing, mobile phones, home theater and emerging products such as AI glasses, Wedbush said. Adjusted EPS of $1.46 also topped expectations, though margins were softer because higher incentive compensation diluted the beat, the report said.Wedbush raised its fiscal 2027 EPS estimate to $7.65 from $7.27, saying the forecast appears achievable, though the stock's outlook is balanced given uncertain consumer response to rising computing prices and potential tariff-refund-driven promotions during the holiday season.Wedbush reiterated its neutral rating on Best Buy stock and its $85 price target.Price: $82.87, Change: $-0.69, Percent Change: -0.83%
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US Markets
Best Buy's Comparable Sales Guidance Implies Growth Slow Down in Second Half, Wedbush Says
Best Buy (BBY) second-half comparable sales guidance pointed to a sequential deceleration in growth, although the outlook appears to be achievable amid continuous strength in the mobile and emerging product categories, according to Wedbush Securities.Outgoing chief executive, Corie Barry, said during a Thursday conference call that the electronics retailer expects enterprise comparable sales to increase by 1% to 3% for the second half of fiscal 2027, according to a FactSet transcript. The current consensus on FactSet is for same-store sales to rise by 2.1% each for the third and fourth quarters.The metric grew 4.1% in the previous three-month period, which Wedbush believes was roughly in line with to modestly ahead of buy-side expectations, it said in a Friday client note. "The flow-through was less-than-expected due to elevated incentive compensation from the strong sales beat," analysts, including Matthew McCartney, said.The brokerage expects Best Buy to meet its guidance amid persistent strength in the mobile and emerging product categories, improvement in big-ticket spending and continued contributions from ads and marketplace."That said, we believe risk/reward is adequately priced at these levels when we consider the uncertain impact rising computing prices could have on the consumer and the prospect of tariff-refund-driven promotional intensity during the holiday period," according to McCartney.Wedbush believes the guidance doesn't fully reflect the strength of Best Buy's second-quarter results, with sales growth in the computing category to slow in the second half. Incoming Best Buy CEO Jason Bonfig told analysts on Thursday that the retailer will be lapping two years of growth in a "particularly strong" prior-year third quarter, which included tailwinds from the end of support for the Windows 10 operating system.Best Buy continues to tackle impacts from memory cost increases across the industry, with increasing product expenses and high prices flowing into its assortment, according to Bonfig, who is set to take over the top role on Nov. 1. The average selling price growth in computing was in the mid-teens in the second quarter, while units were down by high-single-digits, he added."We also have tools across trade-in, credit card financing and strategic promotions to help ease this impact on price increases," Bonfig said on the Thursday call. "This is a dynamic situation, and we will continue to partner closely with our vendors to mitigate impacts."Wedbush maintained its neutral rating on Best Buy's stock and its 12-month price target of $85.Shares of the company were down 0.7% in Friday trade, although the stock has gained 24% so far this year.Last week, retail giant Walmart (WMT) reported better-than-expected fiscal second-quarter results, although US comparable sales growth decelerated more than Wall Street projected amid a pharmacy-related headwind. Target (TGT) lifted its full-year outlook as tariff refunds helped double the retailer's fiscal second-quarter earnings year over year.Price: $83.10, Change: $-0.46, Percent Change: -0.55%
$BBY$TGT$WMT
Wire
UBS Adjusts Price Target on Best Buy to $90 From $86, Maintains Neutral Rating
Best Buy (BBY) has an average rating of hold and mean price target of $85.65, according to analysts polled by FactSet.Price: $81.82, Change: $-1.76, Percent Change: -2.11%
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Wire
Top Midday Stories: Strong Nvidia, Salesforce, CrowdStrike Earnings Help Drive Stock Indexes Higher
All three major US stock indexes were up in late-morning trading Thursday, after Nvidia (NVDA) released their highly anticipated earnings results on Wednesday after markets closed.In company news, Nvidia reported fiscal Q2 adjusted earnings late Wednesday of $2.22 per diluted share, up from $1.01 a year earlier and above the FactSet consensus analyst estimate of $2.09. Fiscal Q2 revenue was $96.22 billion, up from $46.74 billion a year ago and above the FactSet consensus of $92.27 billion. For fiscal Q3, the company expects revenue of $108 billion, plus or minus 2%. Analysts polled by FactSet expect $104.86 billion. Separately, Nvidia has agreed to buy Hugging Fact, the open-source AI platform, for $12.9 billion, The Information reported late Wednesday. Lastly, Nvidia and Amazon's (AMZN) AWS plan to deploy 2 million additional Nvidia GPUs across AWSs global infrastructure in 2027-2028, the companies said. Nvidia shares were up 7.6% around midday.Salesforce (CRM) reported fiscal Q2 adjusted EPS late Wednesday of $5.90, up from $2.91 a year earlier and above the FactSet consensus of $3.27. Fiscal Q2 revenue was $11.35 billion, up from $10.24 billion a year ago and above the FactSet consensus of $11.33 billion. For fiscal Q3, the company expects adjusted EPS of $3.42 to $3.44 on revenue of $11.42 billion to $11.50 billion. Analysts polled by FactSet expect $3.37 and $11.42 billion, respectively. For fiscal 2027, Salesforce expects adjusted EPS of $16.67 to $16.71 on revenue of $46.1 billion to $46.4 billion, up from their prior forecast of adjusted EPS of $14.06 to $14.12 on revenue of $45.9 billion to $46.2 billion. Analysts expect $14.16 and $46.11 billion, respectively. Separately, Salesforce and Anthropic said they were expanding their partnership to pair Claude's intelligence and reasoning with Salesforce's enterprise platform under the name Claudeforce. Salesforce shares were up about 19%.CrowdStrike (CRWD) reported fiscal Q2 adjusted EPS late Wednesday of $0.31, up from $0.23 a year earlier and above the FactSet consensus of $0.29. Fiscal Q2 revenue was $1.47 billion, up from $1.17 billion a year ago and above the FactSet consensus of $1.44 billion. For fiscal Q3, the company said it expects adjusted EPS of $0.31 on revenue of $1.523 billion to $1.529 billion. Analysts expect $0.31 and $1.51 billion, respectively. For fiscal 2027, CrowdStrike expects adjusted EPS of $1.25 to $1.26 on revenue of $5.99 billion to $6.01 billion. Analysts expect EPS of $1.23 on revenue of $5.94 billion. CrowdStrike shares were up 17.7%.Moderna (MRNA) plans to offer $2 billion worth of convertible senior notes due 2032 in a private placement, the company said Thursday. The company plans to grant initial purchasers a 13-day option to acquire up to $300 million worth of additional shares, Moderna said. Shares of Moderna were down 7.1%.Best Buy (BBY) reported fiscal Q2 adjusted EPS Thursday of $1.47, up from $1.28 a year earlier and above the FactSet consensus of $1.39. Fiscal Q2 revenue was $9.78 billion, up from $9.44 billion a year ago and above the FactSet consensus of $9.59 billion. For fiscal 2027, the company expects adjusted EPS of $6.70 to $6.90, up from its prior outlook of $6.30 to $6.60. The retailer also expects full-year revenue of $42.30 billion to $42.80 billion, up from its prior guidance of $41.20 billion to $42.10 billion. Analysts expect EPS of $6.62 on revenue of $42.08 billion. The company also said it expects fiscal 2027 comparable sales growth of 1.9% to 3%, up from its prior guidance of a decline of 1% to growth of 1%. Best Buy shares were down 4.4%.Price: $225.41, Change: $+15.75, Percent Change: +7.51%
$AMZN$BBY$CRM$CRWD$MRNA$NVDA
US Markets
Best Buy Lifts Full-Year Outlook as Fiscal Second-Quarter Results Top Street Views
Best Buy (BBY) raised its full-year outlook on Thursday as the electronics retailer's fiscal second-quarter results surpassed Wall Street's expectations.The company now anticipates adjusted earnings to come in between $6.70 and $6.90 per share for fiscal 2027, up from its previous guidance of $6.30 to $6.60. The current consensus on FactSet is for non-GAAP EPS of $6.62.Revenue is pegged at $42.3 billion to $42.8 billion, compared with the prior forecast of $41.2 billion to $42.1 billion. Comparable sales are expected to rise by 1.9% to 3%, up from the previous outlook range for a decline of 1% to an increase of 1%. The Street is looking for sales of $42.08 billion and same-store sales growth of 1.2%."We are raising our annual financial guidance due to the strong first half performance and our momentum as we enter the second half of the year," incoming Chief Executive Jason Bonfig said in a statement. Bonfig, who currently serves as the retailer's chief customer, product and fulfillment officer, is set to succeed Corie Barry in the top role, effective Nov. 1.Best Buy's shares fell 4.5% in Thursday trade, although the stock has gained about 25% so far this year.In an emailed client note, Truist Securities said it believes the downward stock movement is "all from positioning" given the 35% increase over the last few months "and the movement of the goal posts going into the print."For the three months through Aug. 1, Best Buy's adjusted EPS improved to $1.47 from $1.28 a year earlier, ahead of the average analyst estimate of $1.39. Revenue advanced to $9.78 billion from $9.44 billion, exceeding the Street's view for $9.59 billion.Comparable sales accelerated 4.1% from the prior-year quarter's 1.6% gain, defying the consensus on FactSet for a slowdown in growth to 1.3%. Domestic comparable sales moved 4.5% higher, buoyed by computing and home theater products, as well as some emerging categories, including artificial intelligence glasses and trading cards, according to the retailer."Every product category except entertainment (which was up against a huge comparison) comped positive, which we think helps support our bullish view that the combo of growing replacement demand, operational changes and the early stages of an AI-driven hardware upgrade cycle are gaining traction," Truist Managing Director Scot Ciccarelli wrote in the note.For the ongoing quarter, Best Buy expects enterprise comparable sales growth of 1% to 3%, Barry said during an earnings call, according to a FactSet transcript. "We have started the quarter with August month-to-date comparable sales growth at the high end of this range," Barry added. Analysts are currently estimating same-store sales to inch up by 0.1%.Last week, retail giant Walmart (WMT) reported better-than-expected fiscal second-quarter results, although US comparable sales growth decelerated more than Wall Street projected amid a pharmacy-related headwind. Target (TGT) lifted its full-year outlook as tariff refunds helped double the retailer's fiscal second-quarter earnings year over year.Price: $82.92, Change: $-4.52, Percent Change: -5.17%
$BBY$TGT$WMT
US Markets
Stocks Mostly Up Pre-Bell as Traders Parse Nvidia Results, Await Fed Chair's Speech
US equity markets were mostly trending higher before the opening bell Thursday as traders digest Nvidia's (NVDA) latest financial results and prepare for Federal Reserve Chair Kevin Warsh's speech on Friday.The S&P 500 rose 0.4%, and the Nasdaq increased 1% in premarket activity, while the Dow Jones Industrial Average edged down 0.1%. The three main indexes finished the previous trading session lower, with the Dow snapping a three-day winning streak.Shares of Nvidia jumped 6.9% pre-bell as the tech bellwether's fiscal second-quarter results more than doubled from a year ago and topped Wall Street expectations amid record data center sales.CrowdStrike (CRWD) climbed 9.3% as the firm lifted its full-year net new annual recurring revenue outlook amid increasing demand for cybersecurity to address risks associated with the adoption of artificial intelligence. Salesforce (CRM) spiked 11% after raising its fiscal 2027 guidance.Dollar General (DG) shares gained nearly 13% after the discount retailer beat Wall Street estimates for the fiscal second quarter. Dollar Tree (DLTR) shares fell over 4% after the company's latest quarterly earnings.The Fed's annual economic policy Symposium at Jackson Hole, Wyoming, is set to kick off on Thursday, with Warsh scheduled to speak on Friday.Markets are currently pricing in a roughly 64% probability that the Federal Open Market Committee will keep its benchmark lending rate steady next month, with the remaining odds in favor of a 25-basis-point increase, according to the CME FedWatch tool.Government data on Wednesday showed that US inflation accelerated sequentially in July, keeping the Fed's preferred gauge for price increases well above its 2% target, while consumer spending growth eased."As long as the month-on-month rate continues to come in close to 0.2%, the annual rate of inflation will converge on 2% over time, but the question is how much more patience the Fed actually has," ING Bank said in a Wednesday report. "Markets continue to price a (25 basis point) rate hike before year-end while economists, in general, still favor an extended pause for policy rates."Treasury yields were up in premarket action, with the two- and 10-year rates each inclining 0.6 basis points to 4.23% and 4.67%, respectively.Iran and Oman are working on finalizing a deal that will see both countries share control of the Strait of Hormuz, Reuters reported.Tehran's Islamic Revolutionary Guard Corps reportedly told state news agency Tasnim that the US is obstructing the Iran-Oman deal, according to a CNBC report. Qatari Prime Minister Mohammed bin Abdulrahman bin Jassim bin Jaber Al Thani is reportedly traveling to Iran on Thursday as part of efforts to de-escalate tensions between Washington and Tehran.West Texas Intermediate crude oil dipped 0.1% to $82.17 a barrel before the open, while Brent nudged 0.4% higher to $88.18.Burlington Stores (BURL), Best Buy (BBY) and Hormel Foods (HRL) are scheduled to release their quarterly earnings before the bell, among others. Marvell Technology (MRVL), Workday (WDAY) and Ulta Beauty (ULTA) post their results after the markets close.Thursday's economic calendar has the international trade in goods data, as well as the retail and wholesale inventories reports, all for July, at 8:30 am ET, along with the weekly jobless claims bulletin. The Kansas City Fed manufacturing index for August is out at 11 am.Gold declined 0.6% to $4,654.79 per troy ounce, while bitcoin gained nearly 2% to $79,982.
Dow JonesNasdaq CompositeS&P 500$BBY$BURL$CRM$CRWD$DG$DLTR$HRL$MRVL$NVDA$ULTA$WDAY
Wire
Update: Best Buy's Fiscal Q2 Adjusted Earnings, Revenue Increase; Lifts Fiscal 2027 Outlook
(Updates to include fiscal 2027 comparable sales outlook in the seventh paragraph and most recent stock move in the last paragraph)Best Buy (BBY) reported fiscal Q2 adjusted earnings Thursday of $1.47 per diluted share, up from $1.28 a year earlier.Analysts polled by FactSet expected $1.39.Revenue for the quarter ended Aug. 1 was $9.78 billion, compared with $9.44 billion a year earlier.Analysts polled by FactSet expected $9.59 billion.The company raised its fiscal 2027 adjusted EPS guidance to $6.70 to $6.90, compared with the prior outlook of $6.30 to $6.60, and expects revenue of $42.30 billion to $42.80 billion, compared with $41.20 billion to $42.10 billion previously.Analysts polled by FactSet expect $6.62 in adjusted EPS on revenue of $42.08 billion.Best Buy said it now expects fiscal 2027 comparable sales growth of 1.9% to 3%, compared with its prior guidance of a decline of 1% to a growth of 1%.Best Buy shares were down more than 4% in premarket trading Thursday.Price: $83.40, Change: $-4.04, Percent Change: -4.62%
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US Markets
Best Buy Set to Top Second-Quarter Comparable Sales Views Amid Positive Credit Card Data, Wedbush Says
Best Buy (BBY) is poised to surpass expectations for its fiscal second-quarter comparable sales amid positive credit card data and other key indicators, Wedbush Securities said Monday.The brokerage raised its enterprise comparable sales growth estimate for the electronics retailer to 2.4% from 1% for the quarter. Wall Street is projecting an increase of 1.8%, Wedbush said in a note to clients.The brokerage expects second-quarter earnings of $1.38 a share on sales of $9.51 billion. Analysts polled by FactSet are looking for non-GAAP EPS of $1.38 on sales of $9.6 billion.Credit card data indicate a "milder" sequential slowdown than the roughly 900-basis-point implied by guidance, consistent with domestic comparable sales up about 2% in the quarter, Wedbush analysts, including Matthew McCartney, said. The brokerage's monthly regression of Bloomberg Second Measure card spend indicates comps growth of up to 3%, according to the note."Supplier read-throughs again show strong mobile and computing demand, with Apple (AAPL) posting June-quarter records for iPhone and Mac," the analysts wrote. "We also see some potential improvement in TV demand tied to the World Cup, based on Samsung commentary."The brokerage raised its price target on the Best Buy stock to $85 from $75 while maintaining its neutral rating.The company's shares were up 1.9% in Monday late-afternoon trade, bringing its year-to-date gains to 31%. Best Buy is scheduled to report second-quarter results Thursday."Forward guidance is the larger variable," Wedbush said. Any potential second-quarter beat is unlikely to be fully reflected in the company's guidance due to recent management changes, consumer pressure from higher computing prices, and expected promotional intensity tied to tariff refunds, according to the note.Best Buy recently appointed Anne Bramman as chief financial officer, ahead of incoming Chief Executive Jason Bonfig, who will assume the role from Corie Barry Nov. 1."Beyond (the second quarter), we see building headwinds: chip supply constraining computing availability, a '100-year flood' in memory pricing already lifting iPad/Mac prices and pushing out (do-it-yourself personal computer) builds, and rising promotional intensity into (second half)," Wedbush said.Earlier this month, Truist Securities said Best Buy was seeing improving sales momentum amid factors such as continued replacement demand and emerging mini-product cycles.Last week, retail giant Walmart (WMT) issued a soft earnings outlook for the ongoing three-month period after its fiscal second-quarter US comparable sales growth decelerated more than the Street's expectations.Price: $87.77, Change: $+1.88, Percent Change: +2.18%
$AAPL$BBY$WMT
Wire
Best Buy Q2 Likely to Beat Comparable Guidance, Wedbush Says
Best Buy (BBY) Q2 could surpass its guidance for comparable sales growth based on credit card data and leading indicators, Wedbush said in a Monday note. The results are due Aug. 27.The note said credit card data pointed to material upside to the guided 1% comp growth. Domestic comps growth is expected to land between +2% and +3% against consensus of +1.9%.The report said any Q2 beat is unlikely to flow through to guidance, adding that the outcome is largely baked into shares,which are up 15% since reporting Q1 earnings."While we remain constructive on the long-term Ads/Marketplace initiatives and electronics product refresh cycles, we believe risk/reward is adequately priced at these levels," the note said.Wedbush kept its neutral rating and an $85 price target.Price: $87.41, Change: $+1.52, Percent Change: +1.77%
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Wire
JPMorgan Adjusts Price Target on Best Buy to $87 From $84
Best Buy (BBY) has an average rating of hold and mean price target of $82.63, according to analysts polled by FactSet.Price: $87.19, Change: $+1.46, Percent Change: +1.70%
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Wire
Best Buy to Post Solid Q2, Raise Outlook as New Businesses Grow, UBS Says
Best Buy (BBY) could deliver a solid Q2, keep sales momentum into August, raise its full-year outlook and get more profit support from its marketplace and advertising businesses, although tougher comparisons, higher component costs and high investor expectations could limit further upside, UBS said in a note emailed Tuesday.UBS expects Q2 comparable sales to rise 2.4%, above the 1.2% consensus estimate, as demand in computing, mobile, TVs and newer product categories helps offset weaker benefits from past product launches, according to the note.The investment firm forecasts Q2 earnings of $1.42 per share, above the $1.37 consensus estimate, with gross margin expected to improve as higher-margin marketplace and advertising businesses expand.Stronger Q2 results and healthy August sales would support the case for longer-lasting demand improvement, but tougher comparisons, rising memory costs and uncertainty around new leadership remain near-term risks, the investment firm said.UBS maintained the company's neutral rating and $86 price target.Price: $87.69, Change: $+2.25, Percent Change: +2.63%
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Sectors
Sector Update: Consumer Stocks Decline Late Afternoon
Consumer stocks were lower late Tuesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) decreasing 0.4% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) shedding 0.3%.Redbook US same-store sales rose by 8.3% from a year earlier in the week ended Aug. 8 after an 8.7% year-over-year increase in the previous week. Sales were lifted by back-to-school sales, particularly in multiple states that were holding sales tax holidays, Redbook said.In corporate news, California Attorney General Rob Bonta said Tuesday on X that Paramount Skydance (PSKY) is attempting to "blackmail" the state into letting its acquisition of Warner Bros. Discovery (WBD) proceed. Paramount shares were up 0.5%, and Warner added 0.9%.Best Buy (BBY) is seeing improving sales momentum amid factors such as continued replacement demand and emerging mini-product cycles, Truist Securities said Tuesday. Truist upgraded its rating on the company's stock to buy from hold and raised its price target to $95 from $81. Best Buy shares added 1.7%.On (ONON) tempered its full-year constant-currency sales growth outlook as the Swiss sneaker maker's Q2 revenue fell short of market estimates. Its shares fell past 20%.ACV Auctions (ACVA) has received takeover interest and is exploring a potential sale, Bloomberg reported. ACV, a digital marketplace where people can buy and sell cars, is working with financial advisers to conduct a review, and is also considering a strategic partnership as an alternative to a sale, the report said. ACV shares were up 0.4%.
$ACVA$BBY$ONON$PSKY$WBD
Wire
Best Buy Sales Momentum Improving on Replacement Demand, AI Adoption, Truist Says in Upgrade
Best Buy (BBY) is seeing improving sales momentum amid factors such as continued replacement demand and emerging mini-product cycles, Truist Securities said Tuesday.The brokerage expects the electronics retailer to post a 2.5% increase in its fiscal second-quarter domestic comparable sales when it reports results Aug. 27. Wall Street is looking for about 1% growth, according to Truist."We think the improvement is being driven by continued replacement demand, internal changes and emerging mini-product cycles," Truist analyst Scot Ciccarelli said in a note to clients.While artificial intelligence usage is focused on phones and computers, expanding integration across other smart devices is broadening demand, the brokerage said. "As AI proliferates, we think we could see an accelerated adoption process for consumer hardware that would ultimately benefit Best Buy."Truist upgraded its rating on the company's stock to buy from hold and raised its price target to $95 from $81. "While we view this rating change as tactical/trade-oriented, AI proliferation in consumer markets could result in a much longer runway," Ciccarelli said.Best Buy shares were up 1% in Tuesday afternoon trade, bringing its year-to-date gains to 24%."If the company puts up a 2.5%-plus comp in (the second quarter), the 'market' will likely raise (second-half) expectations regardless of the company providing a conservative outlook," Ciccarelli wrote.The brokerage expects continued replacement demand, appliance changes and several mini-product cycles to help drive more consistent positive comparable sales growth at Best Buy. "While all of these drivers are relatively modest today individually, we think that in aggregate, they should be enough to drive the company towards a more consistent (low- to mid-single-digit comparable sales growth) cadence for the next several quarters," Ciccarelli said.Truist raised its earnings estimate for Best Buy to $6.70 a share from $6.65 for 2026 and to $7.15 from $7.10 for next year. The Street is projecting $6.55 and $7.02, respectively, according to the note.Last week, the company appointed Anne Bramman as chief financial officer, effective Aug. 19, ahead of incoming Chief Executive Jason Bonfig, who will assume the role from Corie Barry Nov. 1.Price: $83.66, Change: $+1.23, Percent Change: +1.49%
$BBY
Research
Truist Securities Upgrades Best Buy to Buy From Hold, Adjusts Price Target to $95 From $81
Best Buy (BBY) has an average rating of hold and mean price target of $80.68, according to analysts polled by FactSet.
$BBY
Research
Jefferies Downgrades Best Buy to Hold From Buy, Adjusts Price Target to $85 From $89
Best Buy (BBY) has an average rating of hold and mean price target of $79.95, according to analysts polled by FactSet.
$BBY
Insider Trading
Best Buy Insider Sold Shares Worth $73,992,923, According to a Recent SEC Filing
Richard M Schulze, Chairman Emeritus, on July 13, 2026, sold 900,000 shares in Best Buy (BBY) for $73,992,923. Following the Form 4 filing with the SEC, Schulze has control over a total of 11,632,468 common shares of the company, with 11,632,468 controlled indirectly.SEC Filing:https://www.sec.gov/Archives/edgar/data/764478/000122520826006612/xslF345X05/doc4.xml
$BBY
Research
Loop Capital Downgrades Best Buy to Hold From Buy, Price Target is $82
Best Buy (BBY) has an average rating of hold and mean price target of $78.84, according to analysts polled by FactSet.
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