Best Buy Co Inc (NYSE:BBY) posted upbeat earnings for its third quarter, but lowered its FY24 guidance.
Best Buy reported a third-quarter FY24 sales decline of 7.8% year-on-year to $9.76 billion, missing the analyst consensus estimate of $9.91 billion. Non-GAAP EPS of $1.29 beat the consensus estimate of $1.19, according to Benzinga Pro.
Best Buy cut FY24 revenue guidance from $43.8 billion-$44.5 billion to $43.1 billion-$43.7 billion versus an estimate of $44.16 billion. The company tightened FY24 adjusted EPS guidance from $6.00-$6.40 to $6.00-$6.30 versus an estimate of $6.20.
Best Buy shares rose 1.1% to trade at $68.38 on Wednesday.
These analysts made changes to their price targets on Best Buy following earnings announcement.
- Telsey Advisory Group cut the price target on Best Buy from $80 to $75. Telsey Advisory Group analyst Joseph Feldman maintained a Market Perform rating.
- Truist Securities slashed the price target on Best Buy from $74 to $68. Truist Securities analyst Scot Ciccarelli maintained a Hold rating.
- Wedbush analyst Seth Basham reiterated Best Buy with a Neutral and maintained a $70 price target.
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