2023-05-24 12:10:08 ET
- Best Buy ( NYSE: BBY ) is scheduled to announce Q1 earnings results on Thursday, May 25th, before market open.
- The consensus EPS Estimate is $1.10 (-29.9% Y/Y) and the consensus Revenue Estimate is $9.53B (-10.5% Y/Y).
- Over the last 2 years, BBY has beaten EPS estimates 100% of the time and has beaten revenue estimates 75% of the time.
- Over the last 3 months, EPS estimates have seen 0 upward revisions and 18 downward. Revenue estimates have seen 1 upward revision and 14 downward.
- Analyst Ratings :
- Wedbush analyst Seth Basham lowered the price target to $72 from $85 and maintained a Neutral rating on the shares. The firm remains sidelined on Best Buy into Q1 earnings. While investor expectations are low amidst a further downdraft in big-ticket discretionary spending, Wedbush sees modest downside risk given the company's high fixed cost business model's sensitivity to sales declines that could lead to a Q1 miss and FY23 guide toward the low end of the prior range. The firm believes sales trends sequentially worsened through the quarter based on industry sales data and read-through from other retailers, leading to downside risk to consensus' -10% comps estimate to its new -12% estimate.
- Citi lowered the price target on Best Buy to $62 from $72 and maintained a Sell rating on the shares. The analyst expects same-store-sales misses and potential guidance cuts next week for both Best Buy and Williams-Sonoma.
For further details see:
Best Buy Q1 2024 Earnings Preview: What to expect