Stock Market Update - (NYSE:BBY) Shares Surge on Upgrade
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Dallas, TX 11/23/2009 04:24 PM GMT (TransWorldNews)
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Best Buy Co., Inc. (NYSE:BBY) rose 1.29% to $43.86 after This Morning Barclays Capital reiterated their “Overweight” rating for Best Buy Co., Inc. (NYSE: BBY), while raising their estimates for the company. The target price has been raised from $44 to $47.
The Firm Believes “We think BBY's shares are well positioned to appreciate over the holidays. During this time, we believe the co will benefit from share gains, healthy demand for several products, moderating GM declines, and tight expense controls. These factors will lead to results that are better than the consensus EPS ests, in our view.”
It further added “BBY's domestic GM will be the focus and we think the YoY declines will moderate as the co benefits from promotional effectiveness, increased private label penetration, and stable attachment rates. These drivers will help to partially offset the drag from mix.”
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