Best Buy Co. (NYSE: BBY)‘s stock had its “neutral” rating restated by Zacks in a research report issued to clients and investors on Wednesday. They currently have a $20.00 price target on the stock.
Zacks’ analyst wrote, “Best Buy’s first-quarter 2013 earnings of $0.72 per share handily surpassed the Zacks Consensus Estimate of $0.58 and jumped 11% from the prior-year quarter. Best Buy’s top-line rose 2.1% but comparable-store sales fell 5.3%. Management stood by its earlier guidance and expects earnings between $3.50 and $3.80 per share and forecasted revenue between $50 billion and $51 billion for fiscal 2013. Best Buy continues to focus on profitable sections, such as mobile phones, e-Readers and appliances. The company’s International business also provides opportunities for growth. It expects to strengthen the functions of the Best Buy brand in China with the Five Star division. Moreover, the company has initiated a multi-year cost reduction program to generate cost savings of $800 million by fiscal 2015. However, we remain concerned about secular headwinds and falling comps in televisions, gaming, notebooks and digital imaging.”
A number of other firms have also recently commented on BBY. Analysts at JPMorgan Chase (NYSE: JPM) cut their price target on shares of Best Buy Co. from $28.00 to $25.00 in a research note to investors on Wednesday, May 23rd. Separately, analysts at Piper Jaffray (NYSE: PJC) cut their price target on shares of Best Buy Co. from $26.00 to $22.00 in a research note to investors on Wednesday, May 23rd. They now have a “buy” rating on the stock. Finally, analysts at UBS AG (NYSE: UBS) raised their price target on shares of Best Buy Co. to $19.00 in a research note to investors on Wednesday, May 23rd. They now have a “neutral” rating on the stock.
Shares of Best Buy Co. traded up 3.08% during mid-day trading on Wednesday, hitting $19.76. Best Buy Co. has a one year low of $17.53 and a one year high of $32.85. The company’s market cap is $6.762 billion.
Best Buy Co. last issued its quarterly earnings data on Tuesday, May 22nd. The company reported $0.72 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.59 by $0.13. Best Buy Co.’s revenue was up 2.1% compared to the same quarter last year. On average, analysts predict that Best Buy Co. will post $0.49 earnings per share next quarter.
Best Buy Co, Inc. is a multinational retailer of consumer electronics, home office products, entertainment products, appliances and related services.
