/Best%20Buy%20Co_%20Inc_%20store%20by-%20Michael%20Vi%20via%20iStock.jpg)
Best Buy (BBY) shares have been in a sharp uptrend since mid-May, but senior Truist analyst Scot Ciccarelli believes they will rip higher from here in the second half of 2026. In a research note on Aug. 11, Ciccarelli upgraded the consumer electronics retailer to “Buy” and raised his price target to $95, indicating potential upside of nearly 15% from here.
His bullish call is particularly significant given that Best Buy stock has already rallied about 50% over the past three months.
What’s Behind Truist’s Upgrade of Best Buy Stock?
According to the Truist analyst, the firm’s proprietary credit card data reveals spending accelerated throughout BBY’s second financial quarter.
If the company reports a better-than-expected 2.5% increase in comparable sales as it posts its fiscal Q2 earnings on Aug. 27, its stock price could re-rate higher in September, he told clients.
The consensus is for Best Buy to record $1.34 in earnings per share (EPS) for its second financial quarter, which would represent a 4.69% growth on a year-over-year basis.
Note that BBY shares have a history of closing both September and August in the green, a seasonal pattern that further improves their near-term appeal.
Should You Load Up on BBY Shares Ahead of Q2 Earnings?
Ciccarelli expects “continued replacement demand and internal changes (like appliance delivery)” to have driven strength in Best Buy’s to-be reported quarter.
Moreover, emerging mini-product cycles powered by artificial intelligence, such as AI-enabled PCs, smartphones, and wearables, are beginning to invigorate foot traffic as well, he added.
In his report, the Truist analyst also highlighted that Best Buy shares are trading at about 0.4x sales currently — an attractive valuation multiple for an established retailer with a proven track record.
Finally, BBY also currently pays a rather lucrative 4.61% dividend yield, which makes it even more attractive as a long-term holding.
How Wall Street Recommends Playing Best Buy
Investors should note, however, that other Wall Street firms are not nearly as bullish on BBY stock heading into its quarterly print.
The consensus rating on Best Buy sits at “Hold," with the mean price objective of roughly $81 signaling potential downside from current levels.
