BBY - 2 Struggling Stocks to Buy and Hold
2023-11-30 06:20:00 ET
Even good companies fall on hard times. The state of the economy, elevated inflation, slumping consumer confidence, and the impact of demand being pulled forward during the pandemic are reasons some companies are struggling. Consumer electronics retailer Best Buy (NYSE: BBY) and home audio specialist Sonos (NASDAQ: SONO) are two great examples.
But there's a lot to like about Best Buy and Sonos, even if both are suffering from slumping sales. For long-term investors, these two struggling stocks look like solid buy-and-hold candidates.
Consumers snapped up laptops and other gadgets during the pandemic, boosting Best Buy's revenue and profit. In fiscal 2022, which ended in January 2022, comparable sales jumped 10.4% on top of a 9.7% increase in the previous year. Adjusted earnings shot up to more than $10 per share.
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2 Struggling Stocks to Buy and Hold