Jefferies analyst Jonathan Matuszewski reiterated a Buy rating on Best Buy Co (BBY – Research Report) today and set a price target of $88.00.
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Jonathan Matuszewski has given his Buy rating due to a combination of factors that highlight Best Buy Co’s strategic positioning and growth potential. One significant aspect is the company’s successful effort in reducing its dependency on China for sourcing, which has decreased from over half to one-third, with expectations for further progress. This diversification is seen as a positive move in managing tariffs and enhancing supply chain resilience.
Additionally, Best Buy is capitalizing on consistent consumer behavior, particularly in the demand for tablets and computing devices, and the swift sell-out of pre-orders for new gaming consoles. The company is also leveraging influencer marketing by enabling social content creators to establish digital storefronts, which is expected to drive interest and sales. Furthermore, Best Buy’s initiatives in associate training and a shift towards a data-driven shipping process are anticipated to improve operational efficiency and profitability, supporting the Buy rating.
Matuszewski covers the Consumer Cyclical sector, focusing on stocks such as Best Buy Co, Lowe’s, and Williams-Sonoma. According to TipRanks, Matuszewski has an average return of 3.6% and a 47.59% success rate on recommended stocks.
In another report released today, Telsey Advisory also maintained a Buy rating on the stock with a $90.00 price target.