Best Buy price target lowered to $90 from $100 at Loop Capital

Loop Capital analyst Anthony Chukumba lowered the firm’s price target on Best Buy (BBY) to $90 from $100 but keeps a Buy rating on the shares. The company’s Q4 results came in well ahead of expectations, but this outperformance was completely overshadowed by the negative impact of Trump administration tariffs given the fact China and Mexico are the company’s two largest sourcing markets, the analyst tells investors in a research note. There is downside risk to Best Buy’s FY25 guidance, but given the post-earnings sell-off, this is more than priced in at current levels, the firm adds.