Jefferies analysts maintained their Buy rating and set a $94 price target for Best Buy (NYSE:BBY) stock. The analysts noted that in Fall 2023, there were early signs of a potentially strong replacement cycle.
Over the next month, there was a noticeable momentum with double-digit year-over-year increases in traffic to popular sites for consumer electronics, gaming, and home theater reviews. June continued to show year-over-year growth, though at a slower pace in the low single digits. Despite the tougher comparison to June 2023, the two-year trend remained stable.