🛒📈 BEST BUY ANALYSIS

1
Best Buy reported 4th Quarter January 2022 earnings of $2.73 per share on revenue of $16.4 billion. The consensus earnings estimate was $2.72 per share on revenue of $16.7 billion. Revenue fell 3.4% compared to the same quarter a year ago.

The company said it expects fiscal 2023 earnings of $8.85 to $9.15 per share on revenue of $49.30 billion to $50.80 billion. The current consensus earnings estimate is $9.27 per share on revenue of $51.31 billion for the year ending January 31, 2023.

Best Buy is a retailer of technology products, including tablets and computers, televisions, mobile phones, large and small appliances, entertainment products, digital imaging and related accessories.

2
Since 03.03.2022 the stock is consolidating within an area ranging from $112.96 - $104.86.

WHAT DO I EXPECT NEXT?

3
I can imagine that the Best Buy stock will continue to consolidate within the range and might break out of its consolidation channel as soon as the entire market has strength. If the stock moves above $112.96 with higher than average volume, it might be beneficial to buy the stock. When the stock price closes below its temporary low at $104.86 the trading scenario is invalid.