Best Buy: Jefferies upgrades stock

(CercleFinance.com) - Jefferies has upgraded Best Buy shares from 'hold' to 'buy', with an increased target price of $89 (vs.
$69), as it expects the post-pandemic replacement cycle to start soon, and is reassured about market share.

While acknowledging that 2024 will not be a record year, the broker considers investors' expectations for a mid-single-digit percentage decline in LFL sales as conservative.

"Demand linked to rising consumer interest in A.I. will be a 'cherry on top", Jefferies adds, which also points to an attractive valuation discount to the market.



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