Evercore ISI is initiating a positive tactical trade call on Best Buy (BBY) and adding the stock to the firm’s “Tactical Outperform” list, reflecting rising shopping intentions for holiday from the firm’s latest survey. The firm believes tempered expectations, recent findings from its survey, and yesterday’s retail sales report in consumer electronics are “enough to move the stock higher as we close out the year,” the analyst tells investors. The firm, which sees 8%-10% upside in Best Buy to $95-$100 given its view that the firm’s spend intention survey was constructive overall on holiday shopping, has an In Line rating and $100 price target on Best Buy shares.
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