Buy Best Earnings Should Top Estimates. The Case for Buying the Stock.

Best Buy stock has been anything but a good buy in 2023—but its earnings report on Tuesday could mark a turning point for the shares.

Expecting earnings season to help Best Buy might seem quixotic. Strong reports haven’t done much for consumer stocks this quarter, with companies in the sector beating estimates by 22%, as of Aug. 18, according to Credit Suisse, but the retail ETF falling 9% from a late July peak. Worse yet, even companies that have topped forecasts are offering lukewarm guidance due to consumer pressures, causing shares to drop.

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