The brokerage firm named Best Buy stock a "top idea"
The shares of Best Buy Co Inc (NYSE:BBY) are up 3.3% to trade at $108.20 at last check, after the technology retailer was named a "top idea" at Piper Sandler. The analyst in question also raised their price target to $150 from $146, after stating they're enthusiastic about the upcoming release of Best Buy's "Best Buy Total Tech" membership program.
Piper Sandler joins a split brokerage bunch, with eight of the 17 in question carrying a "hold" or worse rating. Plus, the 12-month consensus price target of $130.30 is a 22.2% premium to current levels.
Call traders are responding to the bull note. Already today, Best Buy's options pits have seen 25,000 calls exchange hands, which is seven times the intraday average and over 10 times the amount of puts traded so far. The most popular contract is the December 115 call, followed by the 125 call in the same monthly series.
Best Buy stock has had a tough time on the charts lately, pulling back to the $104 area last week to trade at its lowest level since early March. The equity is testing former support at the 320-day moving average, and is now up 10.2% year-over-year.