Aug. 11 at 4:12 PM
Best Buy is likely to continue gaining momentum on several market trends, including the integration of artificial intelligence into consumer electronics, according to Truist Securities.
The bank upgraded the consumer electronics retailer to buy from hold. It also hiked its price target on shares to
$95 from
$81, suggesting 15% upside from Monday’s close.
“We think the improvement [in Best Buy] is being driven by continued replacement demand, internal changes (like appliance delivery) and emerging mini-product cycles (like AI wearables),” analyst Scot Ciccarelli said Tuesday in a note to clients.
$BBY