Best Buy Co Inc (NYSE: BBY) is trading lower Tuesday after the company announced its fiscal 2022 third-quarter financial results and issued guidance below expectations.
What Happened: Best Buy reported quarterly earnings of $2.08 per share, which beat the estimate of $1.91 per share. The company reported quarterly revenue of $11.91 billion, which beat the estimate of $11.56 billion.
Related Link: Why Best Buy Shares Are Falling Today
Link’s Take: “I thought the quarter was fine,” Hightower Advisors’ Stephanie Link said Tuesday on CNBC’s “Fast Money Halftime Report.”
She noted the stock had been running hot into the report, trading higher by about 30% since October. As a result, expectations were high, but the problem was with the guidance, Link said: “The comp line was disappointing.”
Best Buy issued fiscal 2022 fourth-quarter comparable sales growth guidance of -2% to 1%.
The stock is currently trading at about 12 times earnings and, following the pullback, presents a good buying opportunity, Link said.
“At 12 times earnings, they’re doing all the right things … so I’m a buyer on weakness in the next couple of days.”
BBY Price Action: Best Buy has traded as high as $141.97 and as low as $95.93 over a 52-week period.
The stock was down 14.3% at $118.30 at time of publication.
Photo: Mike Mozart from Flickr.
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