Best Buy (BBY) Bullish Stance Reiterated at BofA/Merrill Lynch on Holidays, Five Star China Sale

BofA/Merrill Lynch analyst Denise Chai reiterated a Buy rating and $44 price target on Best Buy (NYSE: BBY) on strong holiday sales and the Five Star China sale.

"We view this as a positive, both from the perspective of jettisoning a subscale business that is likely losing money and operates in a very tough environment and it allows management to dedicate more time to the North America turnaround," Chai said.

The analyst remains positive on the holidays, saying this marks the first time in many years that BBY is seeing multiple product cycles, such as 4k TVs, gaming, appliances and iPhone 6.

For an analyst ratings summary and ratings history on Best Buy click here. For more ratings news on Best Buy click here.

Shares of Best Buy closed at $36.08 yesterday.

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