Loop Capital has maintained its Buy rating and $110.00 price target for Best Buy Co., Inc. (NYSE: NYSE:BBY).
Loop Capital's latest quarterly pricing study compared the prices of 50 items across five different product categories between Best Buy and Amazon (NASDAQ:AMZN).
The results showed that Best Buy's price competitiveness has slightly decreased since the previous study, but the electronics retailer continues to offer comparable prices in the majority of the categories examined.
According to the study, Best Buy is at virtual price parity with Amazon in three out of the five product categories. Moreover, Best Buy's prices are less than 1% higher or even better than Amazon's for almost 90% of the items surveyed. It indicates a strong position for Best Buy in terms of pricing strategy relative to the e-commerce giant.
In other recent news, Sealed Air (NYSE:SEE) Corporation has partnered with Best Buy to introduce more sustainable packaging options, enabling Best Buy to increase its use of recycled content in shipping materials throughout North America.
The initiative aligns with Best Buy's environmental sustainability objectives and is part of their ongoing efforts to reduce their environmental footprint. In recent developments, Best Buy reported strong Q2 earnings that exceeded expectations, with earnings per share increasing by 10% to $1.34.
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