Best Buy looks to ride smart home products wave

|About: Best Buy Co. (BBY)|By:, SA News Editor

Piper Jaffray analyst Peter Keith thinks Best Buy (BBY +2.1%) is in a good position to benefit from the smart products home trend. Key snippets from the firm's note are posted below.

"While Home Depot and Lowe's will participate in Smart Home product adoption, BBY's smaller revenue base provides greater leverage to the cycle."

"Additionally, BBY can sell products to strengthen wifi signals throughout homes as consumers add more and more connected devices. Further, BBY recently introduced Best Buy Smart Home by Vivint to provide increased home security and monitoring capabilities. BBY is also remodeling the Smart Home area at the front of the store to expand the product assortment. Finally, the "Connected Home" category has been called out as a key comp driver for each of the last 3 quarters."

The suite of "smart" home products offered by the company includes locks, cameras, lights, thermostats and nursery items (BBY Q1 earnings call transcript).

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This was corrected on 06/26/2017 at 03:39 PM. Name of investment firm corrected