百思买（BBY）：洞察：Switch 2早期销售打破记录

Jonathan Matuszewski, CFA * | Equity Analyst(212) 284-1737 | jmatuszewski@jefferies.comRandal J. Konik * | Equity Analyst(212) 708-2719 | rkonik@jefferies.comAndres Padilla * | Equity Associate(212) 323-7549 | apadilla1@jefferies.com Company DescriptionBest BuyBest Buy is North America's No. 1 specialty retailer of consumer electronics. Globally, it generates nearly $43 billion in sales across more than 1,200stores in categories such as computing & mobile phones, entertainment, appliances, and others. In addition, the retailer operates a leading e-Commerceplatform and mobile application.Company Valuation/RisksBest BuyOur $88 PT is based on ~12.5x C'26E EPS and ~7x C'26E EBITDA. This is a slight premium to multiyear historical averages. Risks include maturingproduct cycles, competitive pricing pressures, tariff cost pressures, and softer consumer spending.Nintendo Co. Ltd.Our base case PT is ¥20,220, which is the sum of the value of earnings of ¥19,200/sh (FY3/27 EPS of ¥640 at 30x PER) and Excess Cash/sh (of ¥1,020,or 50% of the Total Cash + ST Investments on the B/S). Assuming Switch 2's launch timing is in CY25, igniting 1P software lineup iteration, we expectearnings to rally past the prior high of ¥630b in FY3/27e.Risks: Nintendo faces cyclical headwinds with Switch well past its peak, and its tie ratio continues to decline. If the cyclical decline is faster than ourexpectations and Switch 2 software sales do not meet the market expectation, 2025 could see reversals.Analyst Certification:I, Jonathan Matuszewski, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies)and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.I, Randal J. Konik, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Andres Padilla, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receives compensationbased in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, but various regulationsmay prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are published at irregular intervalsas appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedExplanation of Jefferies RatingsBuy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period.Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month period.The expected total return (price appreciation plus yield) for Buy rated securities with an average security price consistently below $10 is 20% or more within a 12-month period as these companies are typically more volatile than the overall stock market. For Hold rated securities with an average security price consistentlybelow $10, the expected total return (price appreciation plus yield) is plus or minus 20% within a 12-month period. For Underperform rated securities with anaverage security price consistently below $10, the expected total return (price appreciation plus yield) is minus 20% or less within a 12-month period.NR - The investment rating and price target have been temporarily suspended. Such suspensions are in compliance with applicable regulations and/or Jefferiespolicies.CS - Coverage Suspended. Jefferies has suspended coverage of this company.Please see important disclosure information on pages 2 - 7 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. June 11, 2025 10:03 A.M.June 11, 2025 10:03 A.M.2 NC - Not covered. Jefferies does not cover this company.Restricted - Describes issuers where, in conjunction with Jefferies engagement in certain transactions, company policy or applicable securities r