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Stocks to Watch Today: Best Buy, GameStop, and Micron Technology

Published 06/18/2024, 02:00 AM
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As the trading week kicks off, three notable stocks are capturing Wall Street's attention. Best Buy (NYSE:BBY), GameStop (NYSE:GME), and Micron Technology (NASDAQ:MU) are all in the spotlight today.

Best Buy and Micron Technology both received bullish analyst calls on today, while GameStop’s annual meeting is generating significant interest among its devoted retail investor base. Let’s take a look at the three stocks to watch today.

Best Buy Gets a Boost from UBS Analysts, New Price Target

Electronics retailer Best Buy saw its shares jump 3.5% to $90.28 after analysts at UBS upgraded the stock to a Buy rating from Neutral.

The firm also raised its price target to $106 from $85, citing several potential growth drivers over the next 18 months. These catalysts include an improving housing market, a looming replacement cycle for electronics, increasing adoption of AI-powered devices, and expansion into new product categories. UBS anticipates a “nice recovery” for Best Buy’s sales in late 2024 and 2025.

The analysts also highlighted the company’s successful restructuring efforts, which have boosted its earnings potential, and its attractive valuation. Best Buy currently sports a 4.3% dividend yield and trades at a 30% discount to the S&P 500.

GameStop Shareholder Meeting in the Spotlight

Meanwhile, GameStop is holding its annual shareholder meeting today at 12:30 pm ET. The event has generated significant buzz among the company’s loyal base of retail investors on social media platforms.

GameStop’s stock, which has been a favorite of the “meme stock” crowd, has gained 67% since influential investor Keith “Roaring Kitty” Gill resurfaced in May after a three-year hiatus. Gill recently disclosed a sizable 9 million share stake in the video game retailer. However, it remains unclear exactly what issues will be discussed at the meeting or if Gill himself will attend.

GameStop shares were trading 3.6% lower at $27.67 as of 12:02 pm ET.

Micron Technology Attracts Upgrade

In the technology sector, memory chip maker Micron saw its shares gap up in pre-market trading after receiving an upgrade from Cantor Fitzgerald. The firm raised its price target on Micron to $180 from $150 and reiterated its Overweight rating on the stock.

Several other analysts have also issued bullish calls and hiked their price targets on Micron in recent months. However, the company has also seen some significant insider selling, with its CEO and SVP offloading shares worth over $2.6 million between April and June.

Institutions remain confident in Micron’s prospects though, with over 80% of its shares held by institutional investors. Micron posted strong fiscal Q2 results in March, beating consensus estimates with revenue of $5.82 billion.

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Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our website policy prior to making financial decisions.

This article was originally published on The Tokenist. Check out The Tokenist’s free newsletter, Five Minute Finance, for weekly analysis of the biggest trends in finance and technology.

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