This retailer's stock valuation isn't discounting the potential for a 'demand inflection' next year, Goldman says.
Best Buy shares are poised to rise over the next year thanks to growing demand for certain tech products, according to Goldman Sachs. The firm upgraded the stock to buy from neutral on Thursday and updated its price target to $85 per share, implying 21.1% upside from Wednesday's closing price. The shares were up more than 2% in premarket trading Thursday.
" BBY 6M mountain Best Buy shares over the past six months "Our view for a potential inflection is supported by recent commentary surrounding stabilizing demand for certain tech products" – specifically, TVs and laptops, she added. "We see the potential for demand to stabilize and/or recover next year, supported by innovation and the upgrade/replacement cycle.
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