Daiwa Securities Group Has Lowered Expectations for Best Buy (NYSE:BBY) Stock Price

Best Buy (NYSE:BBY) had its price objective reduced by equities research analysts at Daiwa Securities Group from $80.00 to $68.00 in a research report issued on Thursday,MarketScreener reports. The firm presently has a “neutral” rating on the technology retailer’s stock. Daiwa Securities Group’s price objective indicates a potential upside of 2.29% from the stock’s current price.

A number of other brokerages have also weighed in on BBY. Citigroup lifted their price objective on shares of Best Buy from $67.00 to $69.00 and gave the company a “neutral” rating in a report on Wednesday. The Goldman Sachs Group reduced their target price on shares of Best Buy from $93.00 to $76.00 and set a “buy” rating on the stock in a research report on Wednesday. KeyCorp reaffirmed a “sector weight” rating on shares of Best Buy in a research note on Wednesday. UBS Group boosted their price target on Best Buy from $93.00 to $96.00 and gave the company a “buy” rating in a report on Wednesday, November 26th. Finally, Wells Fargo & Company reduced their price objective on Best Buy from $75.00 to $70.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 18th. Nine analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $76.20.

Best Buy Stock Up 1.3%

Shares of BBY opened at $66.48 on Thursday. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.11 and a quick ratio of 0.26. The stock has a market capitalization of $13.90 billion, a price-to-earnings ratio of 13.19, a price-to-earnings-growth ratio of 1.63 and a beta of 1.46. Best Buy has a 1 year low of $54.99 and a 1 year high of $84.99. The business’s 50 day simple moving average is $66.63 and its 200-day simple moving average is $72.77.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Tuesday, March 3rd. The technology retailer reported $2.61 earnings per share for the quarter, topping the consensus estimate of $2.48 by $0.13. Best Buy had a net margin of 2.56% and a return on equity of 49.17%. The company had revenue of $13.81 billion for the quarter, compared to analysts’ expectations of $13.96 billion. During the same quarter in the previous year, the business posted $2.58 earnings per share. Best Buy’s quarterly revenue was down 1.0% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, equities analysts expect that Best Buy will post 6.18 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Palisade Asset Management LLC purchased a new stake in Best Buy in the third quarter valued at $25,000. Harbor Capital Advisors Inc. grew its holdings in shares of Best Buy by 69.3% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 337 shares of the technology retailer’s stock worth $25,000 after purchasing an additional 138 shares during the period. MV Capital Management Inc. acquired a new stake in shares of Best Buy during the 4th quarter worth about $25,000. Torren Management LLC purchased a new stake in Best Buy in the 4th quarter valued at about $25,000. Finally, Root Financial Partners LLC acquired a new position in Best Buy in the third quarter valued at about $32,000. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

About Best Buy

Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.

Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.