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The question many investors are asking is if the decline in Best Buy's stock price is due to the company's poor guidance or the departure of Chief Financial Officer Sharon McCollam.
Speaking as a guest on CNBC's "Squawk On The Street," JPMorgan's Chris Horvers stated that the loss of McCollam should be troubling to investors.
According to Horvers, Best Buy actually reported impressive financial metrics, including a domestic comp that came in better-than-expected in the first quarter and a comp outlook that is ahead of its peers along with a "conservative" outlook.
Horvers continued that McCollam is "famous" among retail executives and was "the key architect" in Best Buy's turnaround and cost savings initiatives. As such, investors should be "concerned" with her departure.
Finally, the analyst suggested that if Best Buy can generate flat comps, buyback stocks and pay a dividend the stock would do just fine. However, this theory is put into question in 2017, as McCollam left the company and comps could turn negative.
At time of writing, Best Buy was down 6.06 percent at $30.99.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.