Telsey Advisory Group downgraded Best Buy (NYSE: BBY) to a Market Perform rating (From Outperform) and cut the price target on the stock to $83.00 (From $88.00) ahead of the company’s 4Q earnings report. The electronics retailer is expected to report results on Thursday, March 2.
Analyst, Joseph Feldman wrote in a note, “In the near term, we believe Best Buy’s business is likely to experience a further decline related to the challenging macro trends weighing on discretionary consumer demand, given high inflation and rising interest rates—resulting in our lower 2023 forecasts for both sales and profits. Our updated view also incorporates the disappointing outlook provided by other retailers, including Home Depot and Walmart.”
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