As companies and consumers grow more interested in the metaverse, Best Buy could cash in by selling more virtual reality headsets and pricier computers, an analyst says.
A research note published Monday by Loop Capital Markets said the consumer electronics retailer is well-positioned to tap into enthusiasm for nonfungible tokens, gaming and socializing in a virtual world. Best Buy is the largest PC retailer in the country, has big-box stores where shoppers can try on different headsets and has a team of tech experts who charge for helping consumers with setup, said Anthony Chukumba, the equity research firm’s managing director.
He reiterated Loop’s buy rating and price target of $150, about 52% higher than where Best Buy is currently trading. Best Buy’s shares are up about 1% as of midday Monday. They have fallen about 9% over the past 12 months.