Last month, Microsoft (NASDAQ:MSFT unveiled its Copilot+ PCs. The devices could be another fortune booster for the tech giant. But there’s another potential winner: consumer electronics retailer Best Buy (NYSE:BBY). Best Buy could benefit as Microsoft’s newest offering becomes available in stores starting today.
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A Mega Product Launch
Undoubtedly, this is one of the biggest product launches in recent times, and Best Buy is going all in. There are over 40 models of Copilot+ PCs, and Best Buy is the exclusive retail partner for nearly 40% of them. Moreover, the retailer has trained an army of over 30,000 certified personnel to assist customers with their shopping experience.
Importantly, a potential boost from the sales of AI PCs could help Best Buy improve its financial performance. Last month, the company reported a 6.1% decline in its comparable sales for the first quarter.
Meanwhile, on Wall Street…
Meanwhile, Wall Street is already beginning to take a shine to Best Buy. Today, Telsey Advisory’s Joe Feldman upgraded BBY to a Buy with a $95 price target. UBS’s Michael Lasser, a five-star rated analyst on TipRanks, has also upgraded BBY to a Buy from a Hold while raising the price target on the stock to $106 from $85. Lasser expects BBY to benefit from sales of new category products as well as from the replacement cycle for electronics.
What Is the Target Price for BBY Stock?
Best Buy’s share price has jumped by nearly 20% over the past three months. Overall, the Street has a Moderate Buy consensus rating on the stock, alongside an average BBY price target of $90.55.
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