The stock market will see a shortened week with major U.S. markets closed to observe Thanksgiving Day on Thursday and a half day Friday with markets closing at 1 p.m. ET.
While it will be an abbreviated week for traders, there are plenty of companies reporting earnings for the week.
Here's a look at the large number of retail stocks reporting earnings ahead of the busy holiday shopping season.
Best Buy An Early Indicator: Consumer electronics retailer Best Buy Co Inc
Analysts have been lowering their price targets ahead of the quarterly results and going into the busy holiday shopping season.
Macro trends could weigh on the company, according to Telsey analyst Joseph Feldman.
"We believe Best Buy's business is likely to experience continued pressure related to the challenging macro trends weighing on discretionary consumer demand, given lapping the pull forward in demand from the pandemic, substantial accumulated inflation, and elevated interest rates," Feldman said.
The analyst had a Market Perform rating on Best Buy and lowered the price target from $85 to $80.
Feldman lowered projections for the fourth quarter and 2024 in the latest report.
The analyst noted My Best Buy and health initiatives could be positives for the company.
"In the long term, we continue to expect Best Buy to remain one of the better operators in retail, with a differentiated store and digital experience, efficient operations, solid cash flow generation, and a strong management team."
KeyBanc Capital Markets analyst Bradley Thomas singled out Best Buy as a potential underperformer for the 2023 holiday season.
"We expect consumer electronics and furniture/home furnishing names to continue to face sluggish demand this holiday and into early 2024," Thomas said.
The analyst had a Sector Weight rating on Best Buy and no price target.
"We still see near-term challenges from the many headwinds on the consumer."
Other analysts cut their price target on Best Buy, including the following:
UBS: Neutral rating, lowered price target from $85 to $76
Wells Fargo: Equal-Weight rating, lowered price target from $80 to $65
Wedbush: Neutral rating, lowered price target from $82 to $70
Other Retail Stocks: Home improvement giant Lowe's Companies Inc
For more on Lowe's Companies, see our earnings preview here.
Here's a look at the other major retailers reporting earnings during the shortened market week.
Dick's Sporting Goods Inc
American Eagle Outfitters Inc
Abercrombie & Fitch Co
Burlington Stores Inc
Of the retail stocks mentioned above, Dick's Sporting Goods and Burlington are down year-to-date as of Monday morning.
Shares of Abercrombie & Fitch hit new highs of $74.75 on Monday and are up 211% year-to-date in 2023.
The large number of retail stocks reporting the week of Thanksgiving and Black Friday could shed light on what the expectations for the fourth quarter and holiday season are. Investors will be looking for forward guidance into the 2023 holiday season and early looks at 2024.