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Best Buy Up 16% with Potential for More Gains

BySteve Miller
Published 02/28/2019, 08:43 AM
Updated 07/09/2023, 06:31 AM
BBY
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Summary
  • Best Buy (NYSE:BBY) soared 16% Wednesday morning after posting earnings, revenue, and same-store-sales that lifted the spirits of investors.
  • We see potential for further gains before the stock eases off towards the end of its current market cycle.


Best Buy Weekly Chart
Weekly Best Buy

The company reported earnings per share of $2.27 and total revenue of $14.8 billion, compared to analyst estimates of $2.56 and $14.7 billion. Same store sales rocketed 7.1% versus 2.9% consensus, with guidance meeting Wall Street expectations.

CEO Hubert Joly exclaimed, “In addition to these great financial results, we made significant progress implementing our Best Buy 2020 strategy to enrich lives through technology and further develop our competitive differentiation.”

In analyzing the market cycles for BBY, we can see that it is still trading in the rising phase of its current cycle. This improved technical pattern suggests some further near-term gains, with a shot at $77 in coming weeks before a correction near the April time frame.

For more from Slim, or to learn about cycle analysis, check out the askSlim Market Week show every Friday on our YouTube channel.

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