Best Buy Co. Price Target Raised to $31.00 at UBS AG (BBY)

UBS AG hoisted their price objective on shares of Best Buy Co. (NYSE:BBY) from $27.00 to $31.00 in a research note issued on Friday, American Banking and Market News reports. The firm currently has a “neutral” rating on the stock. UBS AG’s price target would suggest a potential upside of 2.07% from the stock’s previous close.

Best Buy Co. (NYSE:BBY) traded down 1.43% on Friday, hitting $30.37. 5,003,368 shares of the company’s stock traded hands. Best Buy Co. has a 52-week low of $11.20 and a 52-week high of $32.17. The stock’s 50-day moving average is $29.70 and its 200-day moving average is $24.49. The company’s market cap is $10.321 billion. Best Buy Co. also was the target of some unusual options trading on Wednesday. Stock investors purchased 15,672 call options on the stock. This represents an increase of 106% compared to the average volume of 7,616 call options.

Best Buy Co. (NYSE:BBY) last issued its quarterly earnings data on Tuesday, May 21st. The company reported $0.29 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.25 by $0.04. The company had revenue of $9.38 billion for the quarter, compared to the consensus estimate of $10.64 billion. During the same quarter in the prior year, the company posted $0.72 earnings per share. The company’s quarterly revenue was down 9.6% on a year-over-year basis. On average, analysts predict that Best Buy Co. will post $2.20 earnings per share for the current fiscal year.

A number of other firms have also recently commented on BBY. Analysts at Morgan Stanley reiterated a “buy” rating on shares of Best Buy Co. in a research note to investors on Thursday. Separately, analysts at Barclays Capital set a $38.00 price target on shares of Best Buy Co. in a research note to investors on Wednesday. They now have a “buy” rating on the stock. Finally, analysts at SunTrust reiterated a “buy” rating on shares of Best Buy Co. in a research note to investors on Friday, July 19th. They now have a $38.00 price target on the stock.

Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and seventeen have issued a buy rating to the company’s stock. Best Buy Co. has a consensus rating of “Buy” and an average price target of $31.32.

Best Buy Co, Inc is a multinational retailer of consumer electronics, computing and mobile phone products, entertainment products, appliances and related services.

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