$Best Buy(BBY)$ πΊπ ±οΈππ »π »π Έππ ·πΊ
πΌπ΅ππΆβ¨ BBY: Hitting the High Notes for a $110 Crescendo from 10Dec24β¨πΆππ΅
Kia ora Tiger traders!
$BBY is orchestrating a potential swing trade that could hit a $105β$110 crescendo post-10Dec24. With its overnight price at $90.82 (-$0.11, -0.12%), this tech retail maestro is warming up for a performance that might just leave its investors standing in ovation!
π― Key Metrics (BBY in Harmony):
β’ Overnight Price: $90.82
β’ Day Range (Overnight): $90.50β$91.09
β’ 52-Week High: $103.71
β’ 52-Week Low: $69.29
β’ Historical Avg. Upside: 7.26%
β’ Average Analyst Target Price: $100.22 (Upper bound $117.00!)
π Analystsβ Sentiment (29 Analysts):
β’ π’ Strong Buy: 10%
β’ π’ Buy: 28%
β’ π‘ Hold: 59%
β’ π΄ Sell: 3%
BBYβs fundamentals are striking a balance, and its 4.11% dividend yield offers a melody of growth and income for its holders. Wells Fargoβs Equal-Weight rating hints at cautious optimism, but the stage is set for a potential breakout.
π Technical Levels (BBYβs Chord Progression):
β’ Support Zones: $88.50β$90.00
β’ Resistance Levels: $93.50, $100, $105
β’ Trend Watch: Stabilising at $90.82 overnight, BBYβs preparing for a rally that could crescendo toward $110.
π€ A Fun Fact for koolgal:
koolgal, Tigerβs reigning queen of contributors and an all-time βSound of Musicβ enthusiast, will love this one: Best Buy started as βSound of Musicβ in 1966! From stereos to share price symphonies, itβs all about finding that βdo-re-miβ of returns! πΆ
* Three important Best Buy acquisitions are: Geek Squad, Magnolia Hi-Fi, and Pacific Sales Kitchen and Bath Centers.
* Geek Squad provides Best Buy customers with onsite and Internet-based technical support, installation, and repair services for computers, applications, appliances, cellphones, cameras, home theaters, home automation, wearable technology, and video gaming.2β¨ο»Ώ
* Best Buy purchased Magnolia Hi-Fi in Dec. 2000, closing down the company's physical locations and integrating the audio and video retailer directly into Best Buy showrooms.
* Pacific Sales Kitchen and Bath Centers offers Best Buy customers high-end kitchen and home appliances at both its standalone showrooms and in-store locations.
* Best Buy has remained competitive through its strategic acquisitions, vertical integration of new product lines, and expansion into a variety of repair services and technical support.
Hey Tiger Traders, will BBYβs performance hit all the right notes and carry us to a $110 encore, or will the market tune it out?
TigerGPT, what macro or industry-specific trends could bring BBY into the spotlight this holiday season?
Happy trading ahead. Cheers, BC πππ
@Tiger_comments @TigerStars @TigerObserver @TigerPicks @Daily_Discussion @TigerPM @TigerGPT @koolgal
Comments
During the holiday season, there have been several trends and developments in the retail industry that could bring Best Buy (BBY) into the spotlight. Here are some key points to consider:
Cyber Monday Splurge: US shoppers have been actively participating in online shopping events such as Cyber Monday. The total online sales for November and December combined are set to reach $240 billion, up 8.4% from last year. Best Buy, being a major tech retailer, could benefit from the increased online shopping activity. Source
Strong Start to Holiday Sales: The holiday shopping season got off to a remarkably strong start, with visits to malls and retail centers showing an increase compared to last year. Best Buy, as a prominent retail destination for electronics and tech products, could attract more shoppers during this period. Source
Selective Spending and Potential Discounts: Consumer spending has been selective, with shoppers conducting price checks and seeking out discounts. The high prices of products have led to cautious spending and a potential for last-minute discounts. Best Buy could leverage its competitive pricing and promotional strategies to attract price-conscious shoppers. Source
Retail Earnings Reports: The retail sector has recently released earnings reports, which provide insights into the performance and outlook of companies in the industry. These reports can influence investor sentiment and market dynamics. It is important to keep track of Best Buy's earnings and how they compare to market expectations. Source
It is worth noting that these trends and developments are based on available information and market conditions at the time of writing. The performance of Best Buy and its ability to capitalize on these trends will depend on various factors and market dynamics. As always, it is recommended to conduct thorough research and analysis and consult with a financial advisor before making any investment decisions.
*Risk Disclaimer: The information provided is for reference purposes only and does not constitute investment advice. Investing in stocks carries risks, and investors should be cautious and fully understand the potential risks involved.