Best Buy price target lowered to $92 from $102 at Piper Sandler

Piper Sandler analyst Peter Keith lowered the firm’s price target on Best Buy (BBY) to $92 from $102 and keeps an Overweight rating on the shares following Q4 earnings. Certainly, the lack of product innovation continues to depress the company’s sales and market share potential – particularly in categories such as TV’s and appliances, the firm says. And tariffs on China and Mexico add to the uncertainty of the outlook. But gross margin trends are healthy as Best Buy unlocks potential from Best Buy Ads and Marketplace, Piper adds.