Several big factors hurt the consumer electronics retailing niche, including the rampant inflation and supply chain disruptions. While customers are slashing their spending on technology and other big-ticket purchases, Best Buy is offsetting these lost or delayed sales with new offerings in other popular areas, such as outdoor furniture and appliances. Given the changes to our revenues and earnings forecast, we have revised our Best Buy’s Valuation to $82 per share, based on $6.66 expected EPS and a 12.4x P/E multiple for fiscal 2023 – almost in line with the current market price.