Best Buy: upbeat thanks to broker upgrade

(CercleFinance.com) - Best Buy gained nearly 3% in early trading on Wall Street, in the wake of an upgrade by Jefferies from 'hold' to 'buy', with a price target raised from $69 to $89 on the consumer electronics chain's stock.


While acknowledging that '2024 will not be a record year', the broker expects the post-pandemic purchase replacement cycle to start soon, and believes that 'demand linked to growing consumer interest in AI will be the icing on the cake'.

Copyright (c) 2023 CercleFinance.com. All rights reserved.