Best Buy Co Inc
BBY: XNYS (USA)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
$67.00 | Trwrms | Zbxrjmb |
Best Buy Earnings: Retailer Works Hard to Defray Stout Pressure as Industry Eyes a Recovery in 2024
Narrow-moat Best Buy is taking steps to defend its share in core consumer electronics categories but continues to limp through a challenging macroeconomic environment that has applied strong downward pressure to its sales and profits. While it's encouraging to hear that the firm expects top-line growth by the second half of 2024, excluding calendar 2023's extra week, its full-year outlook for $42 billion in sales at the midpoint falls about 4% behind our prior forecast, leading us to take in our $92 fair value estimate by an expected low-single-digit percentage.