Best Buy price target lowered to $76 from $93 at Goldman Sachs

Goldman Sachs lowered the firm’s price target on Best Buy (BBY) to $76 from $93 and keeps a Buy rating on the shares. Shares rose 7.1% after reporting better-than-expected profitability and revenue that topped low buy-side expectations, though still below consensus, the analyst tells investors in a research note. Holiday and quarter-to-date sales were soft, but management expects support from tax refund spending and upcoming product launches, while advertising and marketplace initiatives are aiding gross margin and memory pricing is projected to have a neutral impact in FY27, the firm says.