Bullish options flow was detected in BBY stock on January 15, 2020.
On January 10, 2020, Cleveland Research analyst Scott Bender said he believes Best Buy’s strategy of starting promotions earlier, combined with very strong performance in the final week before Christmas, offset the impact from fewer selling days and he raised his Q4 Enterprise comp sales growth estimate to 2.5% from 2.3%, which is above the 1.8% consensus growth forecast. The analyst, who is maintaining his Q4 EPS estimate of $2.80, noted this represents upside to consensus and guidance.
On January 9, 2020, Guggenheim analyst Steven Forbes raised his price target for Best Buy (BBY) to $100 from $90 and added the shares to his firm’s Best Idea list.
On January 6, 2020, Jefferies analyst Jonathan Matuszewski raised his price target for Best Buy to $101 from $91 to reflect a higher multiple and slightly increased fiscal 2021 EPS estimates. The stock has rallied on the back of improving trade sentiment, and more progress there should also support Best Buy’s multiple, Matuszewski tells investors in a research note. He keeps a Buy rating on the shares.