Best Buy Q4 Earnings Analysis by Analysts
Despite Best Buy Co Inc surpassing expectations for the fourth quarter, the stock experienced a decline in early trading. Analysts offered diverse perspectives:
Goldman Sachs: Analyst Kate McShane upgraded the rating to Buy, with a new price target of $90. The company’s fiscal 2025 guidance suggests a potential recovery in the latter half of the year.
JMP Securities: Analyst Christopher Horvers maintained a Neutral rating, with a higher price target of $89. He highlighted positive signs of category stabilization and rebound in consumer electronics demand post-lockdown.
Truist Securities: Analyst Scot Ciccarelli kept a Hold rating, but raised the price target to $87.
Wedbush: Analyst Seth Basham reiterated a Neutral rating, with an increased price target of $85.
KeyBanc: Analyst Bradley Thomas retained a Sector Weight rating on the stock.
These analyst perspectives offer a range of views on Best Buy’s performance and future prospects post its Q4 earnings report on March 2, 2024.
Best Buy Co., Inc. (BBY) Stock Performance Update: March 2, 2024
On March 2, 2024, Best Buy Co., Inc. (BBY) experienced a slight decline in its stock performance. BBY closed at $77.92, a decrease of $2.96 or 3.66% from the previous market close. Despite this drop, the stock is still trading in the middle of its 52-week range and above its 200-day simple moving average, indicating some stability in its price momentum.
After the market closed, BBY saw a modest increase of $0.09 in after-hours trading. It remains to be seen whether this positive trend will continue into the next trading day.
Overall, the performance of BBY on March 2, 2024, reflects some volatility in the stock market. Investors will likely be keeping a close eye on how the stock performs in the coming days to determine if this is just a temporary dip or a more significant trend. It is important for investors to conduct their own research and consult with financial advisors before making any investment decisions based on stock performance.
Best Buy Stock Analysis: Revenue and Net Income Show Recovery with Strong Quarterly Growth
On March 2, 2024, Best Buy Co., Inc. (BBY) stock experienced some interesting movements based on its recent financial performance. According to data from CNN Money, the company reported a total revenue of $43.45 billion for the past year, which represents a 6.15% decrease compared to the previous year. However, there was a significant increase of 50.12% in total revenue since the last quarter, reaching $14.65 billion.
In terms of net income, Best Buy reported $1.24 billion for the past year, showing a decrease of 12.54% compared to the previous year. On the other hand, the net income for the last quarter was $460.00 million, indicating a substantial increase of 74.9% since the previous quarter.
Earnings per share (EPS) for Best Buy stood at $5.68 for the past year, which is a 9.66% decrease compared to the previous year. However, there was a significant increase of 75.96% in EPS since the last quarter, reaching $2.12.
These financial indicators suggest that Best Buy has been able to recover from a decline in revenue and net income over the past year, showing strong growth in the most recent quarter. Investors may view these positive quarterly results as a sign of the company’s ability to adapt to changing market conditions and potentially drive future growth.
