Best Buy: Credit Suisse raises target price
(CercleFinance.com) - On Wednesday Credit Suisse raised its target price for the Best Buy stock from 74 dollars to 78 dollars, while maintaining a "neutral" rating on the stock.
The Swiss broker said it has raised its estimates for the US consumer electronics chain, after the retailer reported "strong" second-quarter results.
However, while Credit Suisse continues to view Best Buy as one of the better positioned retailers in the US, several factors could limit further upside to valuation, prompting them to stay on the sidelines.
In a note to clients, in particular the broker cites (1) difficult comparisons as the company enters 2019, and (2) less outperformance vs. the industry relative to previous periods.
At 9:40 a.m New York time, Best Buy shares were trading down 0.5% at 77.1 dollars, while the S&P 500 main stock index was up 0.1%.
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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.
The Swiss broker said it has raised its estimates for the US consumer electronics chain, after the retailer reported "strong" second-quarter results.
However, while Credit Suisse continues to view Best Buy as one of the better positioned retailers in the US, several factors could limit further upside to valuation, prompting them to stay on the sidelines.
In a note to clients, in particular the broker cites (1) difficult comparisons as the company enters 2019, and (2) less outperformance vs. the industry relative to previous periods.
At 9:40 a.m New York time, Best Buy shares were trading down 0.5% at 77.1 dollars, while the S&P 500 main stock index was up 0.1%.
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.