Best Buy (NYSE:BBY) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Best Buy (NYSE:BBY) had its price objective lifted by investment analysts at JPMorgan Chase & Co. from $111.00 to $117.00 in a report released on Friday,Benzinga reports. The firm currently has an “overweight” rating on the technology retailer’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 31.43% from the stock’s previous close.

A number of other research analysts also recently issued reports on BBY. Evercore ISI boosted their target price on shares of Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a research report on Friday, August 30th. StockNews.com downgraded shares of Best Buy from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. Piper Sandler reiterated an “overweight” rating and set a $114.00 target price (up previously from $100.00) on shares of Best Buy in a research report on Friday, August 30th. UBS Group upped their price objective on shares of Best Buy from $106.00 to $123.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Finally, Wells Fargo & Company upped their price objective on shares of Best Buy from $80.00 to $95.00 and gave the stock an “equal weight” rating in a report on Friday, August 30th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $103.71.

Best Buy Trading Up 2.9 %

Shares of NYSE:BBY traded up $2.51 during trading on Friday, reaching $89.02. The stock had a trading volume of 525,776 shares, compared to its average volume of 2,985,711. The firm’s fifty day moving average is $94.89 and its 200 day moving average is $88.51. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01. Best Buy has a 52 week low of $67.80 and a 52 week high of $103.71. The stock has a market cap of $19.12 billion, a price-to-earnings ratio of 15.36, a P/E/G ratio of 2.28 and a beta of 1.47.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, beating analysts’ consensus estimates of $1.16 by $0.18. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The company had revenue of $9.29 billion for the quarter, compared to analyst estimates of $9.23 billion. During the same period in the prior year, the firm posted $1.22 EPS. The company’s quarterly revenue was down 3.1% on a year-over-year basis. As a group, equities analysts forecast that Best Buy will post 6.28 EPS for the current fiscal year.

Hedge Funds Weigh In On Best Buy

Several institutional investors have recently added to or reduced their stakes in BBY. Quadrature Capital Ltd bought a new position in Best Buy during the first quarter valued at about $849,000. Lazard Asset Management LLC boosted its position in Best Buy by 126.8% during the first quarter. Lazard Asset Management LLC now owns 119,723 shares of the technology retailer’s stock worth $9,820,000 after purchasing an additional 66,943 shares during the period. Mount Yale Investment Advisors LLC boosted its position in Best Buy by 2.5% during the first quarter. Mount Yale Investment Advisors LLC now owns 76,547 shares of the technology retailer’s stock worth $6,279,000 after purchasing an additional 1,858 shares during the period. Ascent Group LLC boosted its position in Best Buy by 88.0% during the first quarter. Ascent Group LLC now owns 7,020 shares of the technology retailer’s stock worth $576,000 after purchasing an additional 3,286 shares during the period. Finally, Bayesian Capital Management LP bought a new position in Best Buy during the first quarter worth about $3,162,000. Institutional investors own 80.96% of the company’s stock.

Best Buy Company Profile

Best Buy Co, Inc engages in the retail of technology products in the United States, Canada, and international. Its stores provide computing and mobile phone products, such as desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions; networking products; tablets covering e-readers; smartwatches; and consumer electronics consisting of digital imaging, health and fitness products, portable audio comprising headphones and portable speakers, and smart home products, as well as home theaters, which includes home theater accessories, soundbars, and televisions.