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Best Buy 'undervalued' with 'favorable near-term prospects', says Loop Capital
Loop Capital analyst Anthony Chukumba kept his Buy rating and $88 price target on Best Buy (BBY), saying his latest pricing study relative to Amazon.com (AMZN) shows that excluding two significantly higher priced items, the average item was priced only 0.4% higher. The analyst states that he is encouraged by the "competitive" pricing gap of Best Buy with just 2 weeks to go to Christmas and expects the stores to be the "go to" consumer electronics retailer for last-minute shoppers. Chukumba further contends that Best Buy shares are undervalued at 10.1-times his forward earnings, pointing to the company's "market leadership, favorable near-term prospects, track record of far exceeding consensus, and copious free cash flow generation"
