In a report released yesterday, Jonathan Matuszewski from Jefferies maintained a Buy rating on Best Buy Co (BBY – Research Report), with a price target of $92.00.
Jonathan Matuszewski’s rating is based on the positive outlook for the PC replacement cycle and the strong web traffic data indicating consumer interest in consumer electronics. He highlights that the increase in website visits to consumer electronics research sites suggests a growing consumer propensity to purchase, which is a positive indicator for Best Buy Co.
Additionally, Matuszewski notes the acceleration in sales of tablets and laptops, which reflects a robust demand for these products. Despite potential challenges from tariffs affecting pricing, he believes that the demand driven by aging devices and the end of Windows 10 support will continue to support Best Buy’s performance. These factors contribute to his Buy rating for the company’s stock.
According to TipRanks, Matuszewski is a 4-star analyst with an average return of 5.0% and a 48.59% success rate. Matuszewski covers the Consumer Cyclical sector, focusing on stocks such as Best Buy Co, Lowe’s, and Canadian Tire.
In another report released on March 5, Citi also maintained a Buy rating on the stock with a $93.00 price target.
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