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.
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The investment bank said that Best Buy is "well positioned to take modest share within the muted growth expectations for the broader industry that is filled with value traps."
Barclays also cited Best Buy's 3 percent dividend as "particularly attractive in a world that is starved for yield."
While e-commerce sales certainly have put Best Buy's core business at risk, the company's e-commerce sales growth is actually accelerating — with two consecutive quarters of 24 percent growth.
"We believe its shift to price matching and substantial platform improvements have provided strength that should drive an incremental acceleration in total comps," said Barclays.
Best Buy stock has jumped 13 percent in the last three weeks after reporting an "Amazon-like" Q2, according to Bloomberg Gadfly's Shelly Banjo.
Barclays has an Overweight rating on Best Buy with a $45 price target.
At time of writing, Best Buy was up 0.29 percent on the day, trading at $37.41.
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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.