Best Buy seen entering growth phase under incoming CEO, says Jefferies

Best Buy seen entering growth phase under incoming CEO, says Jefferies Proactive Tue, June 23, 2026 at 6:12 PM GMT+2 2 min read BBY Best Buy seen entering growth phase under incoming CEO, says Jefferies Proactive uses images sourced from Shutterstock Best Buy Co Inc (NYSE:BBY) is positioned for a new phase of growth under incoming CEO Jason Bonfig, according to Jefferies analysts, who said that recent discussions with the executive left them increasingly confident in the company's outlook amid shifting dynamics in consumer electronics. Jefferies sees a supportive backdrop for the retailer as replacement cycles, product innovation and category complexity converge, creating what it describes as an opportunity for higher industry growth and above-average expansion for Best Buy. The firm highlighted potential upside drivers, including retail media, third-party marketplace growth, TV replacement demand, and share gains in appliances.

Jefferies pointed to Bonfig's long-standing relationships with key vendors as a strategic advantage, particularly in the context of ongoing supply chain constraints such as memory chip shortages. The analysts also highlighted his role in securing Best Buy's early exclusivity around RGB televisions, citing it as evidence of his ability to commercialize emerging technology trends. According to Jefferies, the launch of RGB TVs is expected imminently, with employee training completed and a broad marketing campaign set to begin later this month.

The rollout will include bundled services such as delivery, installation and haul-away, which the firm said reflects a deliberate effort to target consumers who may not yet have an urgent replacement need. On Best Buy's advertising business, Jefferies said recent technology investments could enable more flexible and scalable campaign formats, including multiple simultaneous store "takeover" campaigns across different geographies and customer segments. The firm described this as a potential acceleration point for what is already a high-margin revenue stream.

Jefferies also compared Best Buy's positioning in the current AI cycle to the early days of Wi-Fi adoption, arguing that new technology waves tend to benefit the retailer as consumers rely on in-store expertise to navigate complex product shifts. In appliances, the note highlighted a strategy focused on delivery speed and fulfillment optimization, including expanded rural inventory positioning and later cutoffs for next-day delivery in urban markets. Jefferies wrote that these changes could help capture incremental demand from time-sensitive purchases.

The firm added that Best Buy's third-party marketplace expansion is expected to scale faster in the US than it did in Canada, where Bonfig previously led similar efforts. Story Continues Jefferies concluded that Best Buy is well positioned in an "agentic commerce" environment, where automated shopping tools may increase price transparency but also surface fulfillment and service advantages such as rapid delivery and installation—areas where the retailer maintains structural strengths. Best Buy shares traded hands at about $74 on Tuesday, up almost 11% in the year to date.