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. Best Buy’s Q3 sales and EPS were modestly below the firm’s estimates, but margins were solid, and patterns suggest that consumers continue to seek “value” during events with deeper lulls in between, the analyst tells investors in a research note. While there have been some “green shoots” like positive mid single digit comps in laptops and tablets, and AI could provide an incremental lever, natural demand trends have yet to really inflect even after 12 quarters of negative comps, Truist says.