Best Buy price target lowered to $60 from $63 at BofA

BofA analyst Robert Ohmes lowered the firm’s price target on Best Buy (BBY) to $60 from $63 and keeps an Underperform rating on the shares. Best Buy reported Q2 adjusted EPS that beat the firm’s and Street estimates as Switch 2 strength drove the entertainment segment, but BofA keeps an Underperform rating on shares given challenging consumer electronic industry trends and uncertainty around the impact of tariffs. The firm lowered its FY27 EPS forecast to $6.60 from $6.70, citing a weaker near-term outlook and long-term market share pressure from omnichannel competition.