Workflow
Best Buy Stock Hits 12-Month High After Double Upgrade
BBYBest Buy(BBY) Schaeffers Investment Research·2024-06-03 13:36

The shares of Best Buy Co Inc (NYSE:BBY) are up 1.1% to trade at 85.75thismorning,afterthe electronicsretailer received adouble−upgradefromCitigroupto"buy"from"sell,"withaprice−targethiketo85.75 this morning, after the electronics retailer received a double-upgrade from Citigroup to "buy" from "sell," with a price-target hike to 100 from 67.Inthebullnote,theanalystincoveragenotedupsidefromBestBuy′searningsandvaluations,withtechreplacementcyclesunderwayandnewartificialintelligence(AI)innovationsboostingdemand.Guggenheimalsochimedintoday,adjustingitspriceobjectiveupto67. In the bull note, the analyst in coverage noted upside from Best Buy's earnings and valuations, with tech replacement cycles underway and new artificial intelligence (AI) innovations boosting demand.Guggenheim also chimed in today, adjusting its price objective up to 90 from $86. The maj ...