(News Bulletin 247) – Jefferies reaffirms its ‘hold’ recommendation on Best Buy with a price target raised from 77 to 82 dollars, the day after the publication of the results of the consumer electronics chain for its second accounting quarter.
“We come away encouraged to hear that a few categories posted flat year-over-year unit growth in the second quarter, although the timing of the next consumer electronics cycle remains unclear,” he said.
“With 2024 poised to see replacements stemming from the first wave of Covid-related demand, carry-overs from 2023 and recent product innovation, trades could be positive,” the broker continued.
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