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Truist upgrades Best Buy to Buy ahead of late-month earnings
Truist set a $95 price target for Best Buy, citing stronger card spending on AI-enabled gadgets and a potential read-through to a better second half.
Truist Securities upgraded Best Buy Co. to a Buy rating, pointing to rising sales momentum in AI-enabled electronics as a key theme ahead of the company’s earnings report later this month, according to MarketBeat Ratings.
The firm also set a $95 price target, implying roughly 14% upside from the stock’s then-current level, and noted that its own tracking of shopper spending trends showed encouraging activity over the recent quarter.
Best Buy’s shares were already up about 50% from a multi-year low reached in May, and Truist’s view is that a solid earnings outcome could lead the market to expect a stronger second half than it currently anticipates.
MarketBeat Ratings frames the call around the idea that Best Buy does not need to build or run AI technology to benefit, since consumer demand for AI-driven gadgets could translate into higher device sales through the retailer’s physical stores.