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Goldman Sachs Reinstates Best Buy (BBY) at Buy

July 3, 2013 7:29 AM EDT Send to a Friend
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Price: $32.62 -2.89%

Rating Summary:
    16 Buy, 8 Hold, 4 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 6
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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.

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