Is BBY Stock a Buy After Earnings? 3 Analysts Weigh In on Best Buy.

Best Buy (NYSE:BBY) stock is rising higher on Thursday following the release of the company’s earnings report for the fourth quarter of fiscal 2022.

Best Buy (BBY) store front
Source: Ken Wolter / Shutterstock.com

The earnings report includes adjusted earnings per share of $2.73 on revenue of $16.37 billion. While not overly strong next to Wall Street’s estimates of $2.73 per share and revenue of $16.59 billion, investors are reacting well to the results.

But how do analysts feel about BBY stock following the most recent earnings report? Let’s dive into what three experts have to say about the matter below!

Is BBY Stock a Buy After Earnings?

  • Citigroup starts us off with a “sell” rating and a price target of $87 per share. That represents a potential 13.8% downside from the stock’s closing price on Wednesday.
  • Raymond James is up next with an “outperform” rating for BBY shares and a price prediction of $105 each. That’s a possible 4% upside for the stock from yesterday’s closing price.
  • Wells Fargo finishes off our recent analyst coverage for BBY stock with an “equal-weight” rating and a $90 price target. That has the firm expecting a 10.8% from the stocks’ prior closing price.

So what can we expect from BBY stock in the future? The company’s recent earnings report includes an idea with guidance for fiscal 2023. That includes adjusted EPS of $8.85 to $9.15 on revenue ranging from $49.3 billion to $50.8 billion. For comparison, Wall Street is expecting an adjusted EPS of $9.16 on revenue of $51.05 billion for fiscal 2023.

BBY stock is up 10% as of Thursday morning.

Investors seeking out more recent stock market news will want to keep reading!

We’ve got all of the latest stock news that traders need to know about for Thursday. Among that is the latest details on Okta (NASDAQ:OKTA) stock and Snowflake (NYSE:SNOW) stock, as well as this morning’s biggest pre-market stock movers. You can get up to speed on all of this news at the following links!

More Stock Market News for Thursday

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


Article printed from InvestorPlace Media, https://investorplace.com/2022/03/is-bby-stock-a-buy-after-earnings-3-analysts-weigh-in-on-best-buy/.

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