After Best Buy’s (BBY) announced the launch of its third-party digital marketplace, Jefferies noted that the firm anticipated a broader assortment from new vendors and categories, but it “didn’t envision the SKU assortment doubling.” The firm, which views Best Buy’s marketplace launch in Canada in 2016 as “a great case study of how digital sales (and profits) were catalyzed,” expects the same result in the U.S. and reiterates a Buy rating and $88 price target on the shares.
Meet Samuel – Your Personal Investing Prophet
- Start a conversation with TipRanks’ trusted, data-backed investment intelligence
- Ask Samuel about stocks, your portfolio, or the market and get instant, personalized insights in seconds
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on BBY:
- Early notable gainers among liquid option names on August 19th
- Best Buy launches digital marketplace
- Best Buy, IKEA U.S. partner to pilot new in-store kitchen, storage planning
- SoundHound, Best Buy, Cleveland-Cliffs, CrowdStrike, Boeing: Trending by Analysts
- Nintendo (NTDOF) Switch 2 Boosts Retail Store Sales