Best Buy price target lowered to $70 from $75 at Wedbush

Wedbush lowered the firm’s price target on Best Buy (BBY) to $70 from $75 and keeps a Neutral rating on the shares. The firm notes the company reported mixed Q1 results that missed buy-side expectations looking for upside to consensus estimates on the top line, while delivering upside vs. consensus on the bottom line that was partially driven by a favorable tax settlement. As expected, the company revised its full year outlook lower after incorporating tariff impacts, but to a lesser degree than what was implied coming out of Q4 earnings with the company and its supplier base partially mitigating tariff headwinds in the interim months, Wedbush adds.