Best Buy's Trading Volume Surges 317.7% to 198th Position Despite Stock Price Decline

On April 3, 2025, Best Buy's trading volume reached 6.81 billion, marking a significant 317.7% increase from the previous day. This surge placed Best Buy at the 198th position in terms of trading volume for the day. Meanwhile, Best Buy's stock price experienced a decline of 17.84%.

Citi analysts have revised their outlook on Best Buy, downgrading the stock from "Buy" to "Neutral." This change in rating is attributed to the recent announcement of reciprocal tariffs by President Trump, which has significantly altered Citi's perspective on the broadlines and hardlines sector. The primary concerns highlighted by Citi include the rising probability of a recession and a slowdown in consumer spending, both of which pose substantial risks for retailers heavily exposed to big-ticket items and achieving their 2025 guidance.

Citi's analyst, Steven Zaccone, has expressed that the tariffs are expected to have a significant impact on Best Buy's earnings, making it one of the most affected companies in their coverage. The firm has also adjusted the price target for Best Buy from $93 to $70, reflecting the increased uncertainty and potential challenges ahead.