Jefferies analyzed recent daily web traffic trends to assess Best Buy’s (BBY) performance during Black Friday and “walked away encouraged,” telling investors that web traffic to BestBuy.com was up 1% year-over-year on Thanksgiving and up 6% year-over-year on Black Friday. Combined, web traffic was up 4% year-over-year on these two days, reports the analyst, who is also “encouraged” to see Best Buy outperform consumer electronic specialist peers like Newegg, BH Photo & Video, Micro Center, and P.C. Richard over the two-day shopping period analyzed. Jefferies has a Buy rating and $106 price target on Best Buy shares.
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Read More on BBY:
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- Thanksgiving Online Sales Surge 4% as Retailers Double Down on Discounts
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
