Best Buy price target raised to $95 from $89 at Jefferies

Jefferies raised the firm’s price target on Best Buy to $95 from $89 and keeps a Buy rating on the shares following what it calls “slightly better” Q4 results. Computing category momentum is testing the thesis of investors skeptical of the replacement cycle tailwinds in 2024, says the analyst, who adds that the company’s EBIT percentage guidance reveals its ability to hold margins on flat comps despite a 15 basis point headwind from lapping an extra week.