Best Buy (BBY) Q2 could surpass its guidance for comparable sales growth based on credit card data and leading indicators, Wedbush said in a Monday note. The results are due Aug. 27.

The note said credit card data pointed to material upside to the guided 1% comp growth. Domestic comps growth is expected to land between +2% and +3% against consensus of +1.9%.

The report said any Q2 beat is unlikely to flow through to guidance, adding that the outcome is largely baked into shares,

which are up 15% since reporting Q1 earnings.

"While we remain constructive on the long-term Ads/Marketplace initiatives and electronics product refresh cycles, we believe risk/reward is adequately priced at these levels," the note said.

Wedbush kept its neutral rating and an $85 price target.

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