Goldman Sachs Reinstates Best Buy (BBY) at Buy
Get Alerts BBY Hot Sheet
Price: $76.15 +0.20%
Rating Summary:
11 Buy, 19 Hold, 5 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 17
Rating Summary:
11 Buy, 19 Hold, 5 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 17
Join SI Premium – FREE
Goldman Sachs reinstated coverage on Best Buy (NYSE: BBY) with a Buy rating and a price target of $34.00. Analyst Matthew J. Fassler thinks Best Buy's new initiatives, including its alliance with Microsoft (Nasdaq: MSFT), will drive numbers higher.
"The basic tenets of the BBY story are consistent with our initial "re-launch" in March: changes in key senior management roles are driving fresh strategic perspective and improved financial discipline. However, a number of elements of the story have improved further, namely more aggressive pricing; a new instore alliance with MSFT; visibility to improvement in the online effort; and, the sale of the firm's European business," said Fassler.
Goldman raised EPS estimates for 2013/2014/2015 to $2.35/$2.85/$2.83 from $2.25/$2.60/$2.60 previously.
For an analyst ratings summary and ratings history on Best Buy (NYSE: BBY) click here. For more ratings news on Best Buy click here.
Shares of Best Buy closed at $28.69 yesterday.
"The basic tenets of the BBY story are consistent with our initial "re-launch" in March: changes in key senior management roles are driving fresh strategic perspective and improved financial discipline. However, a number of elements of the story have improved further, namely more aggressive pricing; a new instore alliance with MSFT; visibility to improvement in the online effort; and, the sale of the firm's European business," said Fassler.
Goldman raised EPS estimates for 2013/2014/2015 to $2.35/$2.85/$2.83 from $2.25/$2.60/$2.60 previously.
For an analyst ratings summary and ratings history on Best Buy (NYSE: BBY) click here. For more ratings news on Best Buy click here.
Shares of Best Buy closed at $28.69 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- HSBC Downgrades Feng Tay Enterprises (9910:TT) to Hold
- AvidBank Holdings Inc. (AVBH) PT Lowered to $23 at Piper Sandler
- Synovus Financial (SNV) PT Lowered to $42 at Piper Sandler
Create E-mail Alert Related Categories
Analyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change, New CoverageRelated Entities
Goldman SachsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!