Best Buy Jumps Almost 10% on Analyst Upgrade
Shares of Best Buy (NYSE: BBY), an electronics superstore still holding on despite Amazon.com's (NASDAQ: AMZN) competition, soared abruptly this morning following a strong recommendation from an analyst at Telsey Advisory Group. The company got upgraded to an outperform rating in the research note, with a price target of $90.
Telsey analyst Joseph Feldman says he expects comparable sales growth of 7.7% for fiscal 2021. He additionally predicts this growth will result in earnings per share (EPS) of around $6. The company's sales are still at approximately 70% of the previous fiscal year's levels, pointing to its strength despite the huge downward sales pressure of the coronavirus pandemic across the U.S. economy.
Image source: Best Buy.
Source Fool.com