Best Buy, ‘Cadillac’ of electronics retailers, could stall
Consumer electronics retailer Best Buy (BBY) received at least two price target hikes after posting better-than-expected fiscal first-quarter results early Thursday, but some analysts remain cautious on the stock. RBC Capital Markets analyst Scot Ciccarelli reiterated his outperform rating on Best Buy stock and raised his price target to 44 from 42. Jefferies analyst Daniel Binder maintained his buy rating on Best Buy stock and raised his price target to 49 from 46. Best Buy shares were down 2.5% in midday trading on the stock market today, near 34, after rising nearly 4% Thursday. “We continue to believe BBY is attractively valued, and while the sales environment remains difficult, the company is gaining share, margins have stabilized, and 4K TV and the (stock) buyback program provide incremental upside potential,” Ciccarelli said in a research note Thursday. Televisions are a “bright spot” for Best Buy, with…