Best Buy stock has surged 28% in 2020, as people stock up on electronics to help them work and learn at home, but the retailer’s shares have been drifting lower since its second-quarter earnings report. That won’t last, say analysts.
Telsey Advisory Group’s Joseph Feldman kept his Outperform rating but added $15 to his price target, to $135. He not only thinks that the company will keep benefiting from remote work and schooling, but that more e-commerce, new gaming consoles, and its growing services business will fuel further growth.
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