Best Buy price target lowered to $95 from $107 at Truist

Truist lowered the firm’s price target on Best Buy (BBY) to $95 from $107 and keeps a Hold rating on the shares after the company reported Q3 sales and comps that were modestly below the firm’s forecasts and noted that while November sales to-date have been solid, the company is bracing for a sharp slowdown between Thanksgiving and Christmas and expects flat to modestly negative comps for Q4. Despite “intrigue over a potential upgrade cycle,” natural demand trends have yet to really inflect even after 12 quarters of negative comps, the analyst added.