moneyheap
BBY · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Best Buy Company, Inc. (BBY) stock moving?
BBY closed at $104.10 on Nov 10, up about 11% from the $93.87 low on Nov 3. The rebound was led by a sharp move on Nov 9, when the stock hit $106.28 on 3.86M shares, above the roughly 3M-share average of the prior weeks, before pulling back on Nov 10. Sell-side activity was mixed: Citigroup kept a Neutral rating and raised its target from $88 to $102, while Wells Fargo kept an Equal-Weight rating and raised its target from $85 to $95. Both targets sit at or below the current price, so the stock already trades above the more cautious view. Jason Bonfig took over as CEO on Nov 1, a transition that adds some uncertainty ahead of the holiday season. The TCL distribution expansion is a minor product item. The price data shows an active tape with several high-volume days, but the news flow alone does not establish a clear directional edge, and no SEC filings appeared in the prior 45 days.
News behind the analysis
- TCL Expands Retail Availability to BestBuy.comTCL's tablets and smartphones are now sold on BestBuy.com and the Best Buy mobile app. This is a minor product-distribution addition with limited expected financial impact.
- Citigroup Maintains Neutral on Best Buy Co, Raises Price Target to $102Citigroup kept its Neutral rating on Best Buy and lifted its price target to $102. The target sits near the current share price, which implies limited upside on this view.
- Wells Fargo Adjusts Best Buy Price Target to $95 From $85Wells Fargo raised its price target on Best Buy from $85 to $95. The new target is below the latest closing price of $104.10.
- Citigroup Adjusts Best Buy Price Target to $102 From $88Citigroup raised its Best Buy price target from $88 to $102. This is the same target move reported in the Citigroup Neutral note.
- Wells Fargo Maintains Equal-Weight on Best Buy Co, Raises Price Target to $95Wells Fargo kept its Equal-Weight rating and raised its Best Buy price target to $95. The rating stays neutral, with the target below the current share price.
- Jason Bonfig Appointed as CEO of Best BuyJason Bonfig succeeded Corie Barry as Best Buy's sixth CEO, effective November 1, 2026. The leadership change is a material event, and the market has had a few days to digest it.
About Best Buy Company, Inc.
Best Buy is the largest specialty consumer-electronics retailer in the US, selling computers, phones, TVs, appliances and gaming gear through about 1,000 stores and its website, with a smaller business in Canada. What sets it apart is that it pairs physical stores with in-home installation and Geek Squad tech support, and it has recently added a third-party online marketplace and an advertising business.
How it makes money
Most of its revenue, roughly $41–42 billion a year, comes from selling merchandise. About 90%+ comes from the US (Domestic) segment and the rest from Canada (International). Computing and mobile phones are the largest category, at roughly 40–45% of sales, followed by consumer electronics such as TVs and audio, then appliances, entertainment/gaming, and services. Services include protection plans, installation, repairs and the paid My Best Buy memberships. It also earns higher-margin income from vendor partnerships, its Best Buy Ads retail-media business, its new third-party marketplace and its co-branded credit card. It pays a quarterly dividend of about $0.96 per share.
What usually moves BBY
- Consumer spending on big-ticket electronics and appliances
- Product upgrade cycles (PCs, AI devices, phones, new game consoles)
- Holiday-quarter comparable sales
- Tariffs and import costs on electronics
- Competition from Amazon, Walmart and Costco on price