Exane BNP Paribas slashes price target on Best Buy Co. Inc. [BBY] – find out why.

Best Buy Co. Inc. [NYSE: BBY] gained 0.64% or 0.55 points to close at $86.40 with a heavy trading volume of 2583038 shares. The company report on November 25, 2022 that Purolator partners with Best Buy to help make holiday shipping more seamless for consumers.

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Company’s shipping drop-off and pick-up services now available at 101 Best Buy locations across Canada.

Today Purolator announced a nationwide partnership with Best Buy as part of Purolator’s plan to provide exceptional service to its customers this holiday season. The company also grew its workforce, added new agent partners to bring more shipping locations closer to consumers, expanded its fleet and rolled out more digital tools to make it quicker to send and track packages.

It opened the trading session at $86.35, the shares rose to $86.6999 and dropped to $84.83, the range by which the price of stock traded the whole day. The daily chart for BBY points out that the company has recorded 21.45% gains over the past six months. However, it is still -42.15% lower than its most recent low trading price.

If we look at the average trading volume of 3.02M shares, BBY reached to a volume of 2583038 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying about Best Buy Co. Inc. [BBY]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for BBY shares is $83.82 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on BBY stock is a recommendation set at 2.90. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Exane BNP Paribas have made an estimate for Best Buy Co. Inc. shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on January 12, 2023. While these analysts kept the previous recommendation, Credit Suisse raised their target price to Neutral. The new note on the price target was released on December 20, 2022, representing the official price target for Best Buy Co. Inc. stock. Previously, the target price had yet another drop from $80 to $69, while BofA Securities kept a Underperform rating on BBY stock. On December 12, 2022, analysts increased their price target for BBY shares from 59 to 83.

The Average True Range (ATR) for Best Buy Co. Inc. is set at 2.18, with the Price to Sales ratio for BBY stock in the period of the last 12 months amounting to 0.39. The Price to Book ratio for the last quarter was 6.51. Price to Free Cash Flow for BBY in the course of the last twelve months was 42.94 with Quick ratio for the last quarter at 0.30.

Trading performance analysis for BBY stock

Best Buy Co. Inc. [BBY] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 6.00. With this latest performance, BBY shares gained by 4.77% in over the last four-week period, additionally plugging by 21.45% over the last 6 months – not to mention a drop of -16.99% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for BBY stock in for the last two-week period is set at 65.46, with the RSI for the last a single of trading hit 70.81, and the three-weeks RSI is set at 62.61 for Best Buy Co. Inc. [BBY]. The present Moving Average for the last 50 days of trading for this stock 78.68, while it was recorded at 84.32 for the last single week of trading, and 77.49 for the last 200 days.

Best Buy Co. Inc. [BBY]: A deeper dive into fundamental analysis

Operating Margin for any stock indicates how profitable investing would be, and Best Buy Co. Inc. [BBY] shares currently have an operating margin of +5.79 and a Gross Margin at +22.32. Best Buy Co. Inc.’s Net Margin is presently recorded at +4.74.

Return on Equity for this stock inclined to 64.52, with Return on Assets sitting at 13.42.

Best Buy Co. Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.30 and a Current Ratio set at 1.00.

Best Buy Co. Inc. [BBY]: An earnings per share (EPS) analysis

The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for BBY. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Best Buy Co. Inc. go to 0.23%.

An analysis of insider ownership at Best Buy Co. Inc. [BBY]

There are presently around $15,159 million, or 83.00% of BBY stock, in the hands of institutional investors. The top three institutional holders of BBY stocks are: VANGUARD GROUP INC with ownership of 26,161,759, which is approximately 0.504% of the company’s market cap and around 0.20% of the total institutional ownership; BLACKROCK INC., holding 20,272,652 shares of the stock with an approximate value of $1.75 billion in BBY stocks shares; and JPMORGAN CHASE & CO, currently with $960.05 million in BBY stock with ownership of nearly -5.932% of the company’s market capitalization.

Positions in Best Buy Co. Inc. stocks held by institutional investors increased at the end of November and at the time of the November reporting period, where 356 institutional holders increased their position in Best Buy Co. Inc. [NYSE:BBY] by around 13,162,189 shares. Additionally, 389 investors decreased positions by around 17,375,661 shares, while 108 investors held positions by with 144,915,276 shares. The mentioned changes placed institutional holdings at 175,453,126 shares, according to the latest SEC report filing. BBY stock had 95 new institutional investments in for a total of 3,594,461 shares, while 107 institutional investors sold positions of 2,559,214 shares during the same period.


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