Best Buy Co. Inc. "Will The Upcoming Print be Memorable?" (Buy) Lasser

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Best Buy Co. Inc. "Will The Upcoming Print be Memorable?" (Buy) Lasser

idence from EPS (UBS, diluted) (USD)

the market. Yet, it will be important to hear a compelling path on the near-term, 01/27E

since the skeptics believe that getting this print out of the way could lead to a UBS Cons.

downside setup for the stock. This argument says that the company will need to Q1E 1.24 1.23

lap the Switch launch in June and face potential uncertainty from growing Q2E 1.32 1.32

memory shortages in the back half. A few key vendors like Nvidia and Samsung Q3E 1.38 1.39

have discussed memory shortages as of late. Plus, if the consumer weakens, it Q4E 2.56 2.56

could add to the uncertainty. 01/27E 6.50 6.48

01/28E 7.10 6.97

Further, the company's CEO transition will likely be of focus. Recall that the current 01/29E 7.61 7.59

CEO Corie Barry is being succeeded by Jason Bonfig toward the end of the

Michael Lasser

calendar year. Mr. Bonfig has been integral in creating BBY's marketplace and ads

Analyst

businesses. So, his leadership should help drive these initiatives. The bear case on michael.lasser@ubs.com

BBY has long been its competitive position in the marketplace. Therefore, any +1-212-713 2440

indication on how this appointment changes the company's strategy will be a key

Sachin Verma

input into the valuation of BBY’s shares over the next twelve months.

Associate Analyst

sachin.verma@ubs.com

New product launches across core and emerging categories should have

+1-212-713 3492

supported BBY's top-line in 1Q

Mark CardenWe see several recent product launches in BBY's core categories that should be

supportive to the company's top-line trends in 1Q: mark.carden@ubs.com

In gaming, the Nintendo Switch 2 likely continued to provide a lift to BBY's sales +1-212-713 3218