Best Buy price target lowered to $100 from $110 at Loop Capital

Loop Capital analyst Anthony Chukumba lowered the firm’s price target on Best Buy (BBY) to $100 from $110 and keeps a Buy rating on the shares. Best Buy’s Q3 results came up short of the firm’s expectations driven by a disappointing top line, but Loop is encouraged by the strong start to the holiday selling season and believes management’s Q4 guidance could ultimately end up being conservative, the analyst tells investors in a research note. At the same time, the firm thinks Best Buy stock is likely to have a significant overhang until the market receives more clarity on Trump administration tariffs given the fact roughly 60% of the company’s COGS are sourced from China.