Best Buy price target raised to $72 from $69 at Truist

Truist raised the firm’s price target on Best Buy (BBY) to $72 from $69 and keeps a Hold rating on the shares. The company Q2 results were better than estimates primarily due to the success of the Switch 2, as the 38% sales increase in “Entertainment” sales generated over 200bps of comp for the Domestic operation, the analyst tells investors in a research note. Some of this momentum should carry over into the second half and help offset continuing weakness in other key categories like TVs and Appliances, the firm added.