Best Buy price target lowered to $85 from $89 at Wells Fargo

Wells Fargo lowered the firm’s price target on Best Buy (BBY) to $85 from $89 and keeps an Equal Weight rating on the shares. The firm says the company’s Q4 solidly topped expectations, but shares are lower via weaker Q1 trends and a second half of the year weighted guide that doesn’t include tariff headwinds. As uncertainty rises, Best Buy’s model has less room for error, Wells adds.