Best Buy price target lowered to $73 from $77 at Truist

Truist analyst Scot Ciccarelli lowered the firm’s price target on Best Buy (BBY) to $73 from $77 and keeps a Hold rating on the shares as part of a broader research note on Hardlines/Broadlines consumer names. The firm is citing its latest Truist Card reads and ICR holiday updates in adjusting its sales and earnings estimates, though it also believes that a significant increase in tax refunds will likely boost sales across the retail space in what are typically seasonally softer months, the analyst tells investors in a research note. For the company, sales trends seem to have improved in recent weeks, but based on Truist Card Data, not enough to fully offset what appeared to be a particularly slow early December, the firm added.