Best Buy price target raised to $69 from $64 at Truist

Truist raised the firm’s price target on Best Buy (BBY) to $69 from $64 and keeps a Hold rating on the shares. Q1 results were in-line with the firm’s estimates, and core trends remain muted, with positive comps in computing/tablets being offset by softness in bigger ticket/more discretionary categories, the analyst tells investors in a research note. The firm added that, on the bright side, tariff mitigation efforts are coming in more favorable than expected and compared to the company’s prior guidance. Despite the benign projections on tariffs, sales momentum remains muted, the analyst says, adding that the firm is looking at the third straight year of “flattish” earnings.