Best Buy: Jefferies a buyer before results
(CercleFinance.com) - Jefferies has reinstated its "buy" rating on the Best Buy stock and has raised its target price from 74 dollars to 79 dollars, before the consumer electronics chain publishes its Q1 results on Thursday.
Based on its valuations and solid sector data, the broker has raised its sales estimate (at constant stores) from +3.5% to +6%, and says that this could be on the conservative side.
This reflects strong underlying trends against a favourable comparison basis, Jefferies says, which expects broad-based strength in major categories such as IT or smart homes.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
Based on its valuations and solid sector data, the broker has raised its sales estimate (at constant stores) from +3.5% to +6%, and says that this could be on the conservative side.
This reflects strong underlying trends against a favourable comparison basis, Jefferies says, which expects broad-based strength in major categories such as IT or smart homes.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.