The firm upgraded its rating on the retailer to overweight from neutral.
Investors should pick up shares of "spring-loaded" Best Buy as trends look positive for the retailer, according to JPMorgan. Analyst Christopher Horvers upgraded his rating to overweight from neutral and increased his price target by $12 to $101. Horvers' new target implies a 25.6% upside over Thursday's closing price.
At the same time, he said deflationary headwinds should moderate in the second half of 2024 and help unit growth dynamics. Meanwhile, he said computing innovation can lead to new products at higher price points, which can also combat deflation. Best Buy has a conservative margin outlook, making the retailer more likely to beat its expectations. Specifically, Horvers pointed to the long-term margin expectation of 4.1%, which he noted is clearly below the pre-Covid level of 4.9% and peak of 6%.
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