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Best Buy Receives Double Upgrade from Citigroup, Shares Rise 2.2%

Jun 3, 2024, 10:30 AM

Best Buy has received a double upgrade from Citigroup, which has raised the retailer's rating from 'Sell' to 'Buy' and increased its price target from $67 to $100. Citigroup cited a positive outlook for Best Buy, driven by tech replacement cycles and new AI innovations, as key factors for the upgrade. Following the announcement, Best Buy shares rose 2.2% in premarket trading. The consumer stock is expected to pop more than 20%.