Best Buy (NYSE:BBY) Stock Rating Upgraded by JPMorgan Chase & Co.

Best Buy (NYSE:BBYGet Free Report) was upgraded by equities researchers at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a note issued to investors on Friday, Briefing.com reports. The brokerage currently has a $101.00 price objective on the technology retailer’s stock, up from their previous price objective of $89.00. JPMorgan Chase & Co.‘s target price suggests a potential upside of 25.56% from the stock’s previous close.

Several other equities analysts have also issued reports on the company. UBS Group upped their target price on Best Buy from $82.00 to $85.00 and gave the company a “neutral” rating in a report on Friday, March 1st. Wedbush raised their target price on Best Buy from $75.00 to $85.00 and gave the company a “neutral” rating in a research report on Friday, March 1st. Jefferies Financial Group raised shares of Best Buy from a “hold” rating to a “buy” rating and boosted their price target for the stock from $69.00 to $89.00 in a report on Monday, December 11th. Morgan Stanley increased their price target on shares of Best Buy from $80.00 to $82.00 and gave the company an “equal weight” rating in a research report on Friday, March 1st. Finally, Truist Financial lifted their price objective on shares of Best Buy from $68.00 to $87.00 and gave the stock a “hold” rating in a research report on Friday, March 1st. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, Best Buy has an average rating of “Hold” and a consensus target price of $84.27.

Check Out Our Latest Analysis on BBY

Best Buy Trading Up 2.4 %

Shares of BBY stock opened at $80.44 on Friday. Best Buy has a 1-year low of $62.30 and a 1-year high of $86.11. The company has a current ratio of 1.00, a quick ratio of 0.37 and a debt-to-equity ratio of 0.38. The stock has a market cap of $17.33 billion, a price-to-earnings ratio of 14.14, a PEG ratio of 2.04 and a beta of 1.49. The stock has a 50-day moving average of $75.44 and a 200-day moving average of $72.66.

Best Buy (NYSE:BBYGet Free Report) last released its earnings results on Thursday, February 29th. The technology retailer reported $2.72 earnings per share for the quarter, beating analysts’ consensus estimates of $2.51 by $0.21. The business had revenue of $14.65 billion during the quarter, compared to the consensus estimate of $14.58 billion. Best Buy had a net margin of 2.86% and a return on equity of 48.45%. The company’s revenue for the quarter was down .6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.61 EPS. On average, equities research analysts forecast that Best Buy will post 6.03 earnings per share for the current year.

Institutional Trading of Best Buy

A number of institutional investors have recently added to or reduced their stakes in the stock. Bfsg LLC bought a new stake in shares of Best Buy during the fourth quarter valued at about $25,000. Naples Money Management LLC purchased a new position in Best Buy during the fourth quarter valued at approximately $27,000. Access Investment Management LLC purchased a new position in Best Buy during the fourth quarter valued at approximately $27,000. Cary Street Partners Investment Advisory LLC increased its holdings in Best Buy by 549.1% during the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 357 shares of the technology retailer’s stock worth $25,000 after acquiring an additional 302 shares during the period. Finally, Clear Street Markets LLC lifted its stake in Best Buy by 90.6% in the 1st quarter. Clear Street Markets LLC now owns 385 shares of the technology retailer’s stock worth $30,000 after purchasing an additional 183 shares in the last quarter. Hedge funds and other institutional investors own 76.10% of the company’s stock.

About Best Buy

(Get Free Report)

Best Buy Co, Inc engages in the retail of technology products in the United States and Canada. The company operates in two segments, Domestic and International. Its stores provide computing and mobile phone products, such as desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions; networking products; tablets covering e-readers; smartwatches; and consumer electronics consisting of digital imaging, health and fitness products, home theater, portable audio comprising headphones and portable speakers, and smart home products.

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