Best Buy stock has been one of the best buys in retail in 2026. Bulls are looking for that momentum to continue in its fiscal second quarter.
Consensus calls for Best Buy to earn $1.38 a share on revenue of $9.6 billion when it reports results on Thursday. That comes after an upbeat first-quarter report in May, in which the company said that its second quarter was off to a strong start.
Although the sluggish housing market has hurt Best Buy's appliance sales, the company has seen strong demand for other products, including gaming consoles and cell phones. Placer.ai data shows positive traffic trends, and it could get a boost from being the only national retailer selling new RGB TVs, which use individual red, green, and blue light-emitting diodes (LEDs), an improvement on traditional TV filters.
Moreover, Wall Street has a generally positive view on its new chief executive and chief financial officers.
That said, ongoing inflationary pressures could mean fewer sales of big-ticket items, and expectations are high following the stock's double-digit rally since its last report. Only four of the 28 analysts tracked by FactSet (normally an optimistic bunch) are bullish on the shares, with an average price target below where Best Buy stock currently trades.