Consumer electronics retailer Best Buy is trading just below a buy point with fourth-quarter earnings and revenue due early Thursday.
Analysts predict Best Buy Q4 EPS of $2.52, down 3% compared to last year, with revenue declining 1% to $14.56 billion. With earnings due before the market opens Thursday, Best Buy stock traded flat during Wednesday's premarket action.
BBY shares gained 3.4% to 79.06 on Tuesday. The stock is currently in a double-bottom base with an official 85.40 buy point. Ahead of Wednesday trade, Best Buy stock has advanced more than 9% in February.
On Nov. 21, 2023, Best Buy beat Wall Street's Q3 earnings target but sales were weaker than expected.
The Richfield, Minn.-based company earned $1.29 a share on sales of $9.76 billion in the quarter ended Oct. 28. Analysts polled by FactSet had expected earnings of $1.19 a share on sales of $9.9 billion.
Best Buy's sales and earnings have fallen for eight straight quarters on a year-over-year basis.
At the time, Best Buy forecast Q4 earnings of $2.49 a share on sales of $14.59 billion. That's based on the midpoint of its outlook. Analysts had been expecting earnings of $2.66 a share on sales of $15.18 billion in the fiscal fourth quarter. In the year-earlier period, Best Buy earned an adjusted $2.61 a share on sales of $14.74 billion.
Analysts generally have neutral to sell ratings on the stock. Citi raised its target to 67 from 60 on Feb. 20, with a sell rating. Wedbush raised to 75 from 70 in January, keeping a neutral rating on the stock.
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