Can Best Buy turn around with the Metaverse? Analysts think it can.

An interesting point: the retail giant Best Buy may be undervalued. Loop Capital analyst Chukumba recently released a report stating that BBY has a good position in NFTs, gaming, and virtual world social, directly raising the target price from that level to $150, a 52% increase.

The logic is as follows —
Once the demand for Metaverse devices rises, consumers will want to try hardware such as AR/VR glasses. Best Buy has physical stores and professional sales consultants, a competitive advantage that others lack. Apple and Nvidia are promoting the concept of the Metaverse, and Nike is also creating virtual fashion on Roblox.

BBY has indeed been heavily impacted by the pandemic over the past two years, and its stock price has been fluctuating. However, if Metaverse hardware truly becomes the next consumer hot spot, this old-school electronics retailer may regain vitality.

The stocks all rose today. Worth observing.