David Magee of SunTrust Robinson Humphrey believes the Q2 results reported by Best Buy Co Inc BBY demonstrate once again that the major investments made by the company over the past several years are now paying off.
Magee reiterated a Buy rating on the company, while raising the price target from $39 to $45.
“BBY is gaining market share, in our opinion, at stable gross margins and with a lower expense structure,” the analyst pointed out.
Positive On H2
In addition, Magee believes there are several reasons to be positive about H2, including product introductions in gaming, mobile and virtual reality.
These, along with share gains in the appliance market, are expected to keep the momentum going for Best Buy.
Do you have ideas for articles/interviews you'd like to see more of on Benzinga? Please email feedback@benzinga.com with your best article ideas. One person will be randomly selected to win a $20 Amazon gift card!
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
|---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
