Analyst: Best Buy Stock Boasts Solid Support

Core Viewpoint - UBS upgraded Best Buy Co Inc from "neutral" to "buy," raising the price target from $85 to $106, citing benefits from new products and an appliance upgrade cycle [1] Group 1: Stock Performance - Best Buy stock is showing a 3.7% premarket lead and is set to open at $90, the highest level since February 2023 [1] - The stock has recently experienced its ninth weekly loss in 11 weeks but still boasts an 11.4% year-to-date and a 10.4% year-over-year gain [1] Group 2: Analyst Sentiment - Despite the upgrade, 12 of 22 analysts still have a "hold" or worse recommendation on Best Buy stock, indicating potential for further upgrades [1] Group 3: Short Interest - Short interest accounts for 7.2% of Best Buy's available float, suggesting a short squeeze could occur, as it would take more than four days for shorts to cover at the average trading pace [1] Group 4: Options Market - The stock has a Schaeffer's Volatility Index (SVI) of 22%, which is in the 10th percentile of its annual range, indicating low volatility expectations from options traders [2]