Here's Why Best Buy Stock Could Rally Another 17%

Best Buy stock could continue to rally thanks to several positive catalysts and a leaner operating model, UBS says. Here's what you need to know.

outside of a Best Buy store in Woodbridge, Virginia
(Image credit: Nathan Howard/Bloomberg via Getty Images)

Best Buy (BBY) stock is doing well on the price charts so far in 2024, up roughly 16% including Monday's jump of nearly 4%. While BBY has already had a great run this year, one Wall Street firm thinks shares can rally another 17% from here.

In a June 17 note, UBS Global Research analyst Michael Lasser upgraded Best Buy stock to Buy from Neutral (equivalent to Hold) and raised his price target on the consumer discretionary stock to a Street-high $106 from $85.

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Joey Solitro
Contributor

Joey Solitro is a freelance financial journalist at Kiplinger with more than a decade of experience. A longtime equity analyst, Joey has covered a range of industries for media outlets including The Motley Fool, Seeking Alpha, Market Realist, and TipRanks. Joey holds a bachelor's degree in business administration.