HSBC Issues Pessimistic Forecast for Best Buy (NYSE:BBY) Stock Price

Best Buy (NYSE:BBY) had its price target cut by HSBC from $96.00 to $85.00 in a research report issued on Thursday,MarketScreener reports. HSBC’s price target would indicate a potential upside of 38.21% from the company’s current price.

Other analysts have also recently issued research reports about the stock. Wall Street Zen cut shares of Best Buy from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. Wedbush reduced their price target on shares of Best Buy from $80.00 to $70.00 and set a “neutral” rating for the company in a research report on Tuesday. Barclays dropped their price target on Best Buy from $81.00 to $77.00 and set an “equal weight” rating for the company in a research report on Thursday, January 8th. Telsey Advisory Group reiterated an “outperform” rating and issued a $95.00 target price on shares of Best Buy in a research note on Tuesday. Finally, Evercore dropped their price objective on Best Buy from $80.00 to $70.00 and set an “in-line” rating for the company in a report on Tuesday, February 3rd. Seven investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Best Buy presently has an average rating of “Hold” and an average price target of $80.05.

Best Buy Stock Down 2.2%

NYSE:BBY traded down $1.36 during midday trading on Thursday, reaching $61.50. 129,242 shares of the stock traded hands, compared to its average volume of 4,353,420. Best Buy has a 12-month low of $54.99 and a 12-month high of $90.86. The business has a 50-day moving average of $67.29 and a two-hundred day moving average of $73.04. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.26 and a current ratio of 1.05. The stock has a market capitalization of $12.89 billion, a PE ratio of 20.35, a price-to-earnings-growth ratio of 1.49 and a beta of 1.44.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Tuesday, November 25th. The technology retailer reported $1.40 EPS for the quarter, beating the consensus estimate of $1.31 by $0.09. Best Buy had a net margin of 1.54% and a return on equity of 50.02%. The business had revenue of $9.67 billion during the quarter, compared to analysts’ expectations of $9.57 billion. During the same period in the previous year, the business posted $1.26 EPS. The business’s quarterly revenue was up 2.4% compared to the same quarter last year. On average, equities analysts forecast that Best Buy will post 6.18 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Best Buy

A number of hedge funds have recently modified their holdings of the stock. Avory & Company LLC lifted its stake in Best Buy by 6.4% during the fourth quarter. Avory & Company LLC now owns 3,479 shares of the technology retailer’s stock valued at $233,000 after buying an additional 210 shares in the last quarter. SG Trading Solutions LLC acquired a new stake in shares of Best Buy during the fourth quarter valued at approximately $207,000. Phillip James Consulting Co. acquired a new position in Best Buy in the 4th quarter worth approximately $233,000. MV Capital Management Inc. acquired a new stake in Best Buy during the 4th quarter valued at $25,000. Finally, TMB Capital Partners LLC acquired a new stake in shares of Best Buy in the fourth quarter worth $596,000. 80.96% of the stock is currently owned by institutional investors and hedge funds.

About Best Buy

Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.

Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.