Bull Note Boosts Best Buy Stock

The majority of analysts are still hesitant on the stock

Deputy Editor
Mar 20, 2024 at 10:40 AM
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The shares of retailer Best Buy Co Inc (NYSE:BBY) are enjoying a lift, after an upgrade from Telsey Advisory Group to "outperform" from "market perform," with a price-target hike to $95 from $85. The analyst noted the retailer's membership program, cost management, capital spending, and refreshed stores. Separately, today also marks BBY's ex-dividend day. 

The majority of brokerage firms are still hesitant on Best Buy stock, however, leaving room for additional upgrades. Of the 21 analysts in coverage, 15 carry a "hold" or worse rating. 

A bout of short covering could provide tailwinds as well. Short interest represents 8.7% of the stock's available float, and would take shorts nearly six days to cover at its average pace of trading. 

At last look, the security was up 2.9% to trade at $79.49, and breaking into positive territory for 2024. Laying horizontal just above the $76 region, the equity's 320-day moving average has provided a floor for the past couple weeks. 

 

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