11:13 AM EDT, 05/28/2024 (MT Newswires) -- Best Buy ( BBY ) is likely to post mixed fiscal Q1 results, with "modest downside risk" seen to its comparable-store sales, Wedbush Securities said Tuesday.

The retailer is scheduled to report results Thursday and Wedbush said it expects earnings of $1.09 per share on net sales of $8.95 billion.

The brokerage sees "modest downside risk" to its expectations for comparable-store sales to decline 5%, analysts, including Seth Basham, said in a note.

"While we continue to expect results to improve through the year on easier compares and a nearing replacement/upgrade/innovation cycle, we expect mixed [fiscal Q1] results -- soft top-line and about in-line margins -- and maintained 2024 guidance," the analysts said.

Wedbush has a neutral rating on the Best Buy ( BBY ) stock, with an $85 price target.

"Perhaps more importantly, we believe BBY is nearly done with its labor reset and is poised to gain market share as a replacement/upgrade/innovation cycle takes hold and offsets continued big ticket home-related consumer discretionary demand pressure," the analysts said.

The company's shares were up 1% in recent trading.

Price: 72.27, Change: +0.77, Percent Change: +1.07