BUZZ-Best Buy dips after JP Morgan downgrades stock, cuts PT

Reuters02-02 19:37

** Shares of electronics retailer Best Buy BBY.N down ~2% at $63.90 premarket

** Brokerage JP Morgan cuts rating to "neutral" from "overweight," citing a tough fourth-quarter as well as headwinds in computing amid ongoing economic uncertainty** Cuts PT to $76 from $99, says an abnormal memory market dynamics, where prices are expected to double, will likely diminish computing sales ** With housing still stuck for now, TVs and appliances are likely to experience muted trends - brokerage** Seven of 27 brokerages rate the stock "buy" or "higher", 19 "hold" and one "sell"; their median PT is $80, as per estimates compiled by LSEG** Stock fell nearly 22% in 2025

(Reporting by Anuja Bharat Mistry in Bengaluru)

((AnujaBharat.Mistry@thomsonreuters.com))

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