Best Buy (BBY) is expected to get some possible tariff relief after the Trump administration announced exemptions on smartphones, computers and other products from reciprocal tariffs, Wedbush Securities said in a note Monday.

The exemptions could reduce its exposure to the tariffs on China by over half of the some 55% of the products it buy from China and reduces the overall sales mix weighted tariff exposure for Best Buy to about 32% from about 82%, the report said.

Wedbush said that is still "materially higher" than the 20% tariff rate on China in place during its fiscal Q4 earnings last month.

Wedbush kept its neutral rating and $83 price target.

Price: 62.70, Change: +2.27, Percent Change: +3.76