Bank of America Securities analyst Robert Ohmes reiterated a Sell rating on Best Buy Co yesterday and set a price target of $60.00.
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Robert Ohmes has given his Sell rating due to a combination of factors impacting Best Buy Co. Despite reporting better-than-expected earnings per share and operating margins for F3Q26, the company faces challenges in the consumer electronics industry. The growth in computing, gaming, and mobile sectors is being overshadowed by declines in other areas such as home theater, appliances, and drones.
Furthermore, while Best Buy’s marketplace and advertising initiatives are expected to drive long-term margin expansion, there are concerns about the company’s ability to maintain market share in the face of increasing omnichannel competition. Ohmes maintains a price objective of $60, which is significantly lower than the current trading price, reflecting his cautious outlook on the company’s near-term performance and long-term competitive pressures.
According to TipRanks, Ohmes is a 4-star analyst with an average return of 6.6% and a 55.19% success rate. Ohmes covers the Consumer Defensive sector, focusing on stocks such as Walmart, Target, and Costco.