Analysts Applauding Best Buy's (BBY) December Sales Results

Best Buy (NYSE: BBY) today reported an 8.2% increase in its same store sales during December, also affirming its previously issued FY10 outlook. Despite the seemingly strong results, traders are selling the stock today; shares of Best Buy are currently down 3.9% to around $39.94.

Analysts, unlike investors, are mostly cheering the sales figures today. We have at least five analysts out with bullish comments on the retailers monthly results:

• Goldman Sachs - Neutral with $46 price target. Goldman was impressed with the same store sales growth in Best Buy's international markets. The firm had been estimating a 3.5% decline in the international segment, but the retailer actually reported a 3.5% increase.
  
• Janney Montgomery Scott - Neutral with a $42 fair value estimate. The title of the firm's report says it all: "Wow! What a Strong Sales Number". JMS says, "BBY continues to show the strength of its execution strategy, but today's release also reflects the absence of Circuit City." The firm also said that the recent gross margin concerns now seem "a little silly". Janney raised its Q4 domestic same store sales estimate from up 4.5% to up 7% and its EPS estimate from $1.76 to $1.83. FY09 estimate moves from $3.08 to $3.15 and its FY10 estimate moves from $3.27 to $3.35.
  
• Piper Jaffray - Overweight with a $51 price target. The firm said it is encouraged by the December results and remains "confident BBY will attain our estimates based on slightly better Dec. top-line results."
  
• Deutsche Bank - Buy with a $48 target. Deutsche says the sales figure implies full quarter revenue of $16.3 billion, the high end of management's plans. The firm, however, does point out that comps are more difficult in Jan/Feb
  
• KeyBanc - Buy with a $48 target. The firm said, "We continue to believe BBY is well positioned to benefit from increased market share gains and the roll-out of new products in 2010."

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