JPMorgan raised the firm’s price target on Best Buy (BBY) to $97 from $89 and keeps an Overweight rating on the shares ahead of the company’s Q3 report. JPMorgan also added Best Buy to its “Positive Catalyst Watch” list. The firm increased earnings and comp forecasts citing Best Buy’s stronger than expected sales and “solid” gross margin performance. The analyst sees earnings upside in Q3 and Q4 driving a “richer valuation” for the shares.
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