Best Buy price target raised to $75 from $70 at Wedbush

Wedbush analyst Matthew McCartney raised the firm’s price target on Best Buy (BBY) to $75 from $70 and keeps a Neutral rating on the shares. The firm notes the company reported solid Q2 results with both comparable sales and EPS exceeding consensus. Despite this performance and positive quarter-to-date trends driven by strong back to school demand for computing, Best Buy declined to formally increase its outlook. While some of the second half of the year’s margin outlook reflects continued mix pressure as lower margin categories such as gaming and computing see outsized growth, it also reflects caution around the consumer from tariff pressures and the potential need to increase promotions, Wedbush adds.