Best Buy’s Stock Still Attractive At $118?
- Date: 15-Oct-2020
- Source: Forbes
- Sector:Financial Markets
- Country:GCC
Best Buy’s Stock Still Attractive At $118?
POLAND - 2020/10/06: In this photo illustration a Best Buy logo displayed on a smartphone. (Photo ... [+] Illustration by Mateusz Slodkowski/SOPA Images/LightRocket via Getty Images)
SOPA Images/LightRocket via Getty Images
Best Buy's (NYSE: BBY) stock is up around 35% to around $118 levels year-to-date, compared to a 9% growth for the broader S&P 500. The retailer's stock grew despite a 1% decline in revenues in the last 2 quarters. While Best Buy has outperformed the broader markets, we believe it can still grow further. Best Buy benefited from people transitioning to working from home earlier during the pandemic with the growth in sales of products such as batteries, PCs, laptops, LCDs, printers, and Refrigerators. We believe that consumers could continue to keep spending
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