Best Buy Co Inc

BBY: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$83.00	Jtgzz	Qcnwmvvt

Best Buy Earnings: Retailer Works Hard to Defray Stout Pressure as Industry Eyes a Recovery in 2024

Sean Dunlop

Feb 29, 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.

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