Best Buy downgraded as consumers tighten their belts amid high inflation [MarketWatch]
Best Buy Co., Inc. (BBY)
Last best buy co., inc. earnings: 2/27 07:00 am
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Source: MarketWatch
Best Buy Co. Inc was downgraded to neutral from buy at Bank of America, which forecasts a slowing consumer electronics category amid sky-high inflation and a pullback in discretionary spending. Best Buy BBY, lowered its guidance when it announced its most recent earnings in May. But Bank of America analysts led by Elizabeth Suzuki don't think it's enough. Bank of America data show that U.S. consumers are redirecting their budgets toward essentials like food and fuel. Fewer respondents to the bank's quarterly Home Work survey said they would be spending more on in-home entertainment. And more consumers could be heading back to the office, reducing the need for work-from-home items. Read: What 8.6% inflation looks like for the average grocery shopper — bacon is over $7 a pound, cookies are up 49 cents “[I]f Best Buy sales had continued at the company's pre-COVID five-year average growth pace of 1.6%, FY25 sales would be on track to reach only about $47 billion, about $8 billion
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BBY
Earnings
- 2/29/24 - Beat
BBY
Sec Filings
- 4/17/24 - Form 144
- 4/17/24 - Form 144
- 4/17/24 - Form 144
- BBY's page on the SEC website