JPMorgan upgrades Best Buy, says the stock is ‘spring-loaded’

[Pelican Press 0]

JPMorgan upgrades Best Buy, says the stock is ‘spring-loaded’

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, making the retailer more likely to beat its expectations. Specifically, Horvers pointed to the long-term margin expectation of 4.1%, which he noted is clearly below the pre-Covid level of 4.9% and peak of 6%. Unlike other stocks that have experienced a pandemic pull forward, Horvers said Best Buy still has a relatively cheap valuation. The price-to-earnings multiple is about 6% below historical valuations, while he said other cyclical names tend to be significantly higher. BBY YTD mountain Best Buy, year to date Best Buy shares rose nearly 2% in Friday premarket trading. But the stock has underperformed the broader market this year, adding less than 3%.

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Best Buy Co Inc,JPMORGAN DRN,Stock markets,Investment strategy,business news
#JPMorgan #upgrades #Buy #stock #springloaded

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