Best Buy's Smart Home and other services offerings intriguing, but longer-term questions linger.
No-moat Best Buy's third-quarter update gave us our first look at its 2020 strategy since its September investor event, and we see few reasons to change our conservative longer-term financial assumptions. While the market appears to be reacting to isolated events, including the iPhone X launch shifting into the fourth quarter and hurricane disruptions, we're more focused on the building blocks of management's 2021 targets of $43 billion in revenue (a 2.2% CAGR from 2017-21), $1.9 billion-$2.0 bi...
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