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Following Your Gut: Is Now the Right Time to Buy Best Buy Stock?

Key Points
– Best Buy shares have potential as the current valuation is unjustified compared to the broader market.
– The consumer discretionary sector has been performing well, and Best Buy has yet to receive its fair share of the bullish momentum, making it a potential opportunity.
– Best Buy’s stock chart shows that it is within the “golden ratio” of Fibonacci levels, indicating an interesting demand zone.

Best Buy Co. Inc. NYSE: BBY has been overlooked by the market due to perceived competition from retail giants like Amazon.com Inc. NASDAQ: AMZN. However, there are signs that suggest the stock may be undervalued and worth considering.

Despite a recent sales figure disappointment, Best Buy management highlighted increasing profitability and more streamlined operations. The company is also ramping up its online sales segment and focusing on cost control, which should be positive for investors.

Insiders are showing confidence in the stock through their actions, with significant purchases and increased positions by large shareholders like Invesco NYSE: IVZ. This has led analysts to place a $77.9 share price target on Best Buy, calling for a 15.2% rally from today’s prices.

Before considering an investment in Best Buy, these positive factors indicate that it may be a good time to consider the stock as a potential opportunity.

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