With the new trading month underway, the Wall Street bank released its updated focus list targeting growth, income, value and short selling strategies.
A new trading month is underway, and JPMorgan is highlighting key stocks that it believes are due to outperform. All three major averages kicked off October in the red on Tuesday as Iran's missile barage attack on Israel heightened tensions in the Middle East, dampening investor sentiment toward risk assets. The Nasdaq Composite led the way among the major three indexes, falling more than 1%. On Monday, all three indexes closed out September higher.
"We also note that vendors need BBY, an important endorsement for quality investors looking for higher beta names with cyclical upside." By contrast, 16 of the 28 analysts on Wall Street who are covering the stock are neutral, while 11 have a buy-equivalent rating. Analysts' average price target on Best Buy stands at $104, implying just 3% upside. Year to date, Richland, Minnesota-based Best Buy has already surged more than 29%.
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