Best Buy Eyes 19% Upside After Q1 Revenue Hits $8.94B
BBY•Best Buy’s fiscal Q1 revenue reached $8.94 billion with EPS of $1.28, outperforming consensus of $8.8 billion and $1.23. Jefferies lifted its price target to $89 from $83, implying 19% upside, as gaming sales and AI-powered gadget demand surged.
1. Q1 Financial Results
Best Buy’s fiscal first-quarter revenue reached $8.94 billion with adjusted EPS of $1.28, topping consensus estimates of $8.8 billion and $1.23 per share and driving the stock toward its best weekly performance in six years.
2. Analyst Price Target Raises
Jefferies raised its price target to $89 from $83, implying a 19% upside potential, while Piper Sandler lifted its target to $77 from $68 and maintained a Neutral rating based on improving sales momentum.
3. Category Performance Highlights
CEO Corie Barry highlighted stronger-than-expected gaming sales across Nintendo Switch 2, PlayStation 5 and Xbox platforms, and noted that AI-powered glasses, handheld PC gaming systems, trading card collectibles, health-tracking rings and 3D printers all saw sales more than double year-over-year with domestic marketplace GMV at roughly $250 million.
