Best Buy price target lowered to $72 from $76 at Morgan Stanley

Morgan Stanley analyst Simeon Gutman lowered the firm’s price target on Best Buy (BBY) to $72 from $76 and keeps an Equal Weight rating on the shares. While Best Buy continues to manage profitability well with “solid cost discipline,” upside remains dependent on a sustained topline reacceleration, which the firm sees as challenging amid ongoing competitive pressures and tougher comparisons, the analyst tells investors.