Best Buy price target lowered to $105 from $110 at Guggenheim

Guggenheim analyst Steven Forbes lowered the firm’s price target on Best Buy (BBY) to $105 from $110 and keeps a Buy rating on the shares following Q3 operating results that the firm calls “mixed.” However, adjusted EPS actually slightly exceeded the firm’s forecast and Best Buy has now met or exceeded its FQ+1 EBIT margin guidance for seven consecutive quarters, notes the analyst. When combined with the potential for ongoing improvement across the other profit centers, the firm continues to view the risk/reward profile of the shares positively as the consumer electronic industry appears poised for a positive inflection in 2025, the analyst tells investors.