Best Buy beats Street 2Q forecasts

Excluding one-time charges, earnings were 49 cents, much better than the 34 cents expected by analysts.

Best Buy shares have declined 25 percent since the beginning of the year, while the Standard & Poor’s 500 index has fallen 8 percent. The stock now has an average rating of Buy and a consensus target price of $41.36.

Hubert Joly, Best Buy chairman and CEO, said, “We believe these better-than-expected second quarter results are affirmation that our strategy of offering advice, service and convenience at competitive prices is paying off”. (NYSE:BBY): The mean estimate for the short term price target for Best Buy Co., Inc. The company missed both the top and the bottom line of the Zacks Consensus Estimate largely because of persistent pressure on wholesale revenues along with higher employee and benefit costs. Furthermore, Tyvor Capital Llc have 3.94% of their equity exposure invested in the company for 274,282 shares. The stock has a market capitalization of $10.51 billion and a price-to-earnings ratio of 11.707. (NYSE:BBY) has lost 7.54% during the past week and dropped 7.02% in the last 4 weeks. Its shares have risen 5 percent over the past year. Best Buy has a 52 week low of $28.32 and a 52 week high of $42. The 50-day moving average is $32.55 and the 200 day moving average is recorded at $35.75. The total amount of the transaction was worth $426,600, according to the disclosed information with the Securities and Exchange Commission in a Form 4 filing. (NYSE:BBY) has received a short term rating of hold from research analysts at Zacks with a rank of 3. The number of analysts agreeing with this consensus is 14. Finally, Deutsche Bank decreased their target price on shares of Best Buy Co from $44.00 to $42.00 and set a buy rating on the stock in a research note on Friday, May 22nd.

Best Buy Co., Inc.is a provider of technology products, services and options. On February 1, 2014, the Company sold mindSHIFT Technologies, Inc.

Strength in the domestic segment helped to overpower weakness in the worldwide unit. The Domestic section consists of all operations inside the USA and its own territories, running e commerce, retail store and call center businesses under a range of brand names, including, Best Buy (NYSE:BBY), Best Buy Mobile, Geek Squad, Magnolia Audio Video and Pacific Sales. The worldwide segment is comprised of all operations outside the U.S. and its territories.