Piper Sandler downgrades Best Buy to Neutral on lack of catalysts

Piper Sandler analyst Peter Keith last night downgraded Best Buy (BBY) to Neutral from Overweight with a price target of $75, down from $82. While the shares have underperformed year-to-date and expectations are low, Best Buy lacks meaningful catalysts in the coming quarters to meaningfully accelerate comp and earnings growth, the analyst tells investors in a research note. Piper also has longer-term competitor concerns around the company’s appliance and TV categories.