Best Buy price target lowered to $83 from $89 at Jefferies

Jefferies analyst Jonathan Matuszewski lowered the firm’s price target on Best Buy (BBY) to $83 from $89 and keeps a Buy rating on the shares. While stating that the company’s disclosure regarding the scale of third-party and ads is “gratifying,” it adds that it anticipated more flow-through to calendar 2026 enterprise EBIT percentage after “a heavy investment year.” Still, the firm is upbeat on management’s references to calendar 2027 and 2028 margin tailwinds as “more material” and the recent pace of scaling as “pretty material,” the analyst tells investors.