Best Buy Facing Near-Term Demand Challenges, Wedbush Says

MT Newswires Live03-04 23:59

Best Buy (BBY) is facing near-term demand challenges driven by memory pricing and shortages' impact on supply chain, Wedbush Securities said in a Wednesday note.

The company reported mixed fiscal Q4 results, with adjusted earnings of $2.61 per diluted share, up from $2.58 a year earlier, while revenue declined to $13.81 billion from $13.95 billion. Best Buy issued fiscal 2027 guidance of $6.30 to $6.60 in adjusted EPS and $41.2 billion to $42.1 billion in revenue.

Wedbush said Best Buy's outlook reflects "cautious" consumers, "muted" impacts from memory, and certain memory-driven inventory constraints. The company also expects home theater and appliances to weigh on its results, the brokerage added.

Growth drivers, meanwhile, include computing and mobile phones, Wedbush noted. Ongoing investments in sponsored ads and Marketplace could also support core business business growth, being high-margin opportunities, according to the investment firm.

Wedbush maintained its neutral rating on Best Buy, with a $70 price target.

Price: 67.32, Change: +1.37, Percent Change: +2.08

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