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At last count, of the two dozen analysts with an investment rating on Best Buy’s shares, 15 had a buy or strong buy rating.
As the stock climbed this year, Strasser said, he heard from plenty of formerly skeptical clients, with some referring to Best Buy as his “career call.” He volunteers that it’s more fun to be right but that he has been on the wrong side of plenty of recommendations, and will be again.
Tuesday’s quarterly announcement of slightly weaker than expected comparable-store sales took a little air out of Best Buy’s stock, as it closed back under $40 per share, perhaps serving as a reminder that Best Buy’s business remains a challenging one.
As for Strasser’s third-quarter take, maybe it’s enough just to note this headline from his update: “Chillax — BBY Is Gonna Be Just Fine.”
If Best Buy is, in fact, just fine, then there will need to be other analysts on the medal stand with Strasser. The first to join him with a buy appears to have been Anthony Chukumba of BB&T Capital Markets, at the end of January with the stock at $15.78 per share.
“Everyone currently hates Best Buy — which is a good thing,” Chukumba wrote, making the classic smart contrarian call for buying a stock.
Of course, it was not quite true that everyone hated Best Buy. Just nearly everyone.
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