JPMorgan analyst Christopher Horvers upgraded Best Buy to Overweight from Neutral with a price target of $101, up from $89. The analyst believes the company’s share of wallet pull-forward in computing, TVs and appliances is at, or nearing, an end, with a higher installed based of electronics nationally supporting a “soft landing” this year. Deflationary headwinds should moderate in the second half of 2024 in these categories with improving unit growth dynamic, the analyst tells investors in a research note. Additionally, emerging computing innovation should start to drive better selling prices growth as higher price points from new products start to outweigh the deflation inherent in consumer electronics, says JPMorgan.
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