JPMorgan Chase & Co. Issues Positive Forecast for Best Buy (NYSE:BBY) Stock Price

Best Buy (NYSE:BBY) had its price objective upped by equities researchers at JPMorgan Chase & Co. from $111.00 to $117.00 in a report issued on Friday,Benzinga reports. The firm currently has an “overweight” rating on the technology retailer’s stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 30.67% from the stock’s current price.

Other research analysts have also issued research reports about the company. Bank of America lifted their target price on Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a report on Friday, August 30th. The Goldman Sachs Group boosted their price objective on shares of Best Buy from $95.00 to $116.00 and gave the company a “buy” rating in a research note on Tuesday, September 3rd. Loop Capital increased their target price on shares of Best Buy from $100.00 to $110.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Piper Sandler restated an “overweight” rating and set a $114.00 price target (up from $100.00) on shares of Best Buy in a research report on Friday, August 30th. Finally, Evercore ISI upped their price target on shares of Best Buy from $90.00 to $94.00 and gave the stock an “in-line” rating in a report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $103.71.

Best Buy Stock Performance

Shares of BBY stock opened at $89.54 on Friday. The firm’s 50 day moving average is $94.72 and its 200 day moving average is $88.73. The stock has a market capitalization of $19.23 billion, a P/E ratio of 15.44, a PEG ratio of 2.26 and a beta of 1.47. Best Buy has a 12 month low of $67.80 and a 12 month high of $103.71. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last posted its earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.18. The firm had revenue of $9.29 billion for the quarter, compared to the consensus estimate of $9.23 billion. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The business’s quarterly revenue was down 3.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.22 earnings per share. On average, sell-side analysts anticipate that Best Buy will post 6.28 earnings per share for the current year.

Institutional Investors Weigh In On Best Buy

Institutional investors have recently made changes to their positions in the business. Quadrature Capital Ltd bought a new stake in Best Buy in the first quarter worth $849,000. Lazard Asset Management LLC increased its holdings in shares of Best Buy by 126.8% in the first quarter. Lazard Asset Management LLC now owns 119,723 shares of the technology retailer’s stock worth $9,820,000 after buying an additional 66,943 shares during the period. Mount Yale Investment Advisors LLC lifted its stake in shares of Best Buy by 2.5% in the 1st quarter. Mount Yale Investment Advisors LLC now owns 76,547 shares of the technology retailer’s stock valued at $6,279,000 after acquiring an additional 1,858 shares during the last quarter. Ascent Group LLC boosted its holdings in Best Buy by 88.0% during the 1st quarter. Ascent Group LLC now owns 7,020 shares of the technology retailer’s stock valued at $576,000 after acquiring an additional 3,286 shares during the period. Finally, Bayesian Capital Management LP bought a new position in Best Buy during the 1st quarter worth approximately $3,162,000. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Company Profile

Best Buy Co, Inc engages in the retail of technology products in the United States, Canada, 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, portable audio comprising headphones and portable speakers, and smart home products, as well as home theaters, which includes home theater accessories, soundbars, and televisions.