Best Buy (BBY) remains highly exposed to tariff-related headwinds, which may weigh on its H2 performance, despite fiscal Q2 results that exceeded expectations, Truist said Thursday in a report.

The company "is one of our most exposed retailers to tariff risk, given its high import mix and the elasticity tied to a heavy discretionary offering," Truist said.

In Q2, domestic comparable sales rose 1.1% versus a projected decline of 1%, earnings at $1.28 a share topped the $1.22 estimate, and revenue of $8.7 billion exceeded the $8.52 billion forecast, Truist said.

Despite the strong Q2 performance, Best Buy on Thursday reiterated full-year guidance, expecting adjusted EPS of $6.15 to $6.30 on revenue of $41.1 billion to $41.9 billion. The retailer cited "tariff uncertainty" as the main reason for maintaining its outlook, Truist said.

Truist kept its hold rating on Best Buy stock with a $69 price target.

Shares of the company fell 3.8% in Thursday trading.

Price: 72.59, Change: -2.86, Percent Change: -3.79