Deutsche Bank Upgraded Best Buy (BBY) to Buy
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Deutsche Bank upgraded Best Buy (NYSE: BBY) today from Hold to Buy and boosted its price target from $28 to $40, saying the company should be one of the biggest beneficiaries of Circuit City's liquidation announcement.
Deutsche Bank lifted 2009 and 2010 EPS estimates to $2.38 and $2.72 from $2.32 and $2.58, respectivley. They also introduces 2011 EPS estimate of $3.02.
The firm said, "although BBY will continue to feel pressure from Wal-Mart in the consumer electronics space, we believe the company will be an above-average share gainer from CC’s closures. This should enable BBY to have relatively stable sales, as share gains offset overall weakness in end-user demand."
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