Oppenheimer Sticks to Their Hold Rating for Best Buy Co

By Carrie Williams

In a report released today, Brian Nagel from Oppenheimer reiterated a Hold rating on Best Buy Co (NYSE: BBY). The company’s shares opened today at $57.45, close to its 52-week high of $57.95.

Nagel observed:

“We look upon the much better than expected Q‎1 (Apr.) results that Best Buy (BBY) reported today as encouraging and further evidence of the now much-improved operating prowess and competitive positioning of the chain. As we have indicated repeatedly, we give CEO Hubert Joly and his team significant credit for evaluating a shifting retail landscape and reconfiguring the BBY business model to thrive in a new dynamic. Our sole hesitation in recommending BBY has been our view that the CE product cycle remains challenged.”

According to TipRanks.com, Nagel is a 2-star analyst with an average return of 0.2% and a 49.2% success rate. Nagel covers the Services sector, focusing on stocks such as Restoration Hardware Holdings Inc, Dick’s Sporting Goods, and Advance Auto Parts.

Currently, the analyst consensus on Best Buy Co is Hold and the average price target is $46.17, representing a -19.6% downside.

In a report issued on May 19, RBC Capital also reiterated a Hold rating on the stock with a $46 price target.

The company has a one year high of $57.95 and a one year low of $28.76. Currently, Best Buy Co has an average volume of 4.27M.

Based on the recent corporate insider activity of 66 insiders, corporate insider sentiment is negative on the stock.

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Best Buy Co., Inc. provides consumer electronics, home office products, entertainment products, appliances and related services. It operates through two business segments: Domestic and International. The Domestic segment is comprised of the operations in all states, districts and territories of the U.S., operating under various brand names, including but not limited to, Best Buy, Best Buy Mobile, Geek Squad, Magnolia Audio Video, Napster and Pacific Sales. The International segment is comprised of all operations outside the U.S. and its territories, which includes Canada, Europe, China, Mexico and Turkey. It also markets its products under the brand names: Best Buy, Audiovisions, Best Buy Mobile, The Carphone Warehouse, Five Star, Future Shop, Geek Squad, Magnolia Audio Video, Napster, Pacific Sales and The Phone House. The company was founded by Richard M. Schulze in 1966 and is headquartered in Richfield, MN.