D.A. Davidson cuts Best Buy stock rating on valuation concerns
D.A. Davidson has reduced its rating on Best Buy Co. (NYSE:BBY) to Neutral from Buy, citing valuation concerns and profit taking. The firm maintains a price target of $95.00, with the stock currently trading at $90.27, just 1% below its 52-week high of $91.27. Despite the downgrade, analysis suggests Best Buy remains undervalued, with potential for additional upside.
The company's Q3 fiscal 2026 earnings per share estimate has been raised to $1.53, reflecting a $41 million tariff refund received on September 2, 2026, but the market may not fully credit these improvements.
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