Telsey Advisory Group Issues Pessimistic Forecast for Best Buy (NYSE:BBY) Stock Price

Best Buy (NYSE:BBY) recently saw its target price lowered by Telsey Advisory Group from $115.00 to $110.00. This adjustment was communicated in a report released to investors on Tuesday. Despite the decrease in target price, Telsey Advisory Group has maintained an "outperform" rating on Best Buy's stock. Their new target price indicates a potential upside of approximately 24.30% based on the stock's price from its previous close.

Recent Analyst Ratings

Other analysts have also shared their insights regarding Best Buy's stock. Truist Financial recently increased their price target for Best Buy from $86.00 to $107.00, assigning a "hold" rating to the stock. Similarly, Wedbush raised their price target from $85.00 to $95.00, giving a "neutral" rating.

We also saw JPMorgan Chase & Co. raise their price target from $111.00 to $117.00, with an "overweight" rating assigned to the shares. DA Davidson has reiterated a "buy" rating, providing a price target of $117.00. Lastly, Citigroup adjusted their price objective downward from $115.00 to $109.00 while maintaining a "buy" rating. Overall, the sentiment towards the stock shows that one analyst views it as a sell, while eight hold a "hold" rating, nine analysts suggest a buy, and one indicates a strong buy rating.

According to MarketBeat's analysis, Best Buy currently holds an average rating of "Moderate Buy" with a consensus price target of $103.41.

Best Buy Stock Performance Overview

On Tuesday, shares of Best Buy traded down by $4.53, reaching a price of $88.50. The trading volume was notably high at 10,595,047 shares, exceeding the average volume of 3,061,441 shares. Financial indicators reveal that Best Buy has a market capitalization of $19 billion, a price-to-earnings ratio of 15.26, and a debt-to-equity ratio of 0.37. Over the past year, the stock has seen a low of $68.12 and a high of $103.71.

Best Buy's latest quarterly earnings report was released on August 29, where the company reported earnings per share of $1.34, surpassing the consensus estimate of $1.16 by $0.18. For that quarter, the company generated revenue of $9.29 billion, compared to the expected revenue of $9.23 billion. Nevertheless, this revenue reflects a 3.1% decline from the previous year's figures. Analysts predict that Best Buy will end the current fiscal year with earnings per share of 6.28.

Institutional Investments

Several institutional investors have recently adjusted their investments in Best Buy. Tidal Investments LLC increased its holdings by 24.5% during the third quarter, now owning 22,210 shares valued at approximately $2.29 million. Wilmington Savings Fund Society purchased a new stake in Best Buy, valued at around $247,000 during the same period.

Other notable transactions include World Investment Advisors LLC acquiring shares valued at $5.23 million and TCW Group Inc. boosting their position by 156.6% to hold 316,593 shares worth $32.70 million. Additionally, Toronto Dominion Bank raised its stake in Best Buy by 82.2%, owning 102,292 shares valued at $10.57 million. Overall, institutional investors own approximately 80.96% of Best Buy's stock.

About Best Buy

Best Buy Co, Inc. specializes in the retail of technology products within the U.S., Canada, and internationally. Their offerings encompass a range of products including computing devices, mobile phones, networking systems, tablets, smart devices, consumer electronics, and home theater systems.

BestBuy, Telsey, Stock