S&P Equity Research Reiterates 'Strong Buy' Best Buy (BBY)
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S&P Equity Research reiterates a 'Strong Buy' rating on Best Buy (NYSE: BBY).
S&P analyst, M. Souers, says, "BBY agrees to pay 1.1 billion pounds (about $2.2 billion) for 50% of a venture with Carphone Warehouse Group PLC, offering electronics through 2,400 stores in 11 countries. We think this deal provides BBY a solid platform from which to expand, and we expect the introduction of Best Buy stores in Europe to follow. We also think the companies' strong working relationship (via a joint venture over the past two years) will provide synergies and a sharing of best practices. Our primary concern is the highly competitive European market, as margins may dip slightly."
Best Buy Co., Inc. (Best Buy) is a specialty retailer of consumer electronics, home office products, entertainment software, appliances and related services.[SM]
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