Piper Sandler is bullish on Best Buy's new membership program, sees over 40% upside for stock

Published Mon, Sep 27 20219:28 AM EDTUpdated Mon, Sep 27 202110:18 AM EDT

A near empty parking lot in front of a Best Buy store in Montebello, California on April 15, 2020 as the electronics nationwide chain store remains closed to customers but open for pickups.

Frederic J. Brown | AFP | Getty Images

Best Buy's new membership program should drive sales and profit for the electronics retailer, Piper Sandler said in a note Monday, raising its forecast on the stock.