BUZZ-Best Buy up after Jefferies raises PT on ads business strength
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Best Buy's shares rose 2.7% to $77.26 after Jefferies increased its price target from $88 to $95, maintaining a "buy" rating. The firm highlighted the growing significance of Best Buy Ads as a high-margin profit source, which is expected to enhance long-term earnings and EBIT margins by 2026. Jefferies noted the retail media unit's potential, bolstered by new leadership. Currently, eight out of 28 brokerages rate the stock as "buy" or higher, with a median price target of $75.50. Year-to-date, the stock has increased nearly 10%.
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