Oppenheimer Upgrades Best Buy (BBY) to Outperform
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(Updated - March 22, 2019 7:04 AM EDT)
(updated to add analyst comment)
Oppenheimer analyst Brian Nagel upgraded Best Buy (NYSE: BBY) from Perform to Outperform with a price target of $86.00.
The analyst comments "Over the past few years, under the direction of new senior leadership, Best Buy has undergone a significant transformation, whereby it evolved from a traditional chain of large-format superstores to one of retail’s preeminent omni-channel operators, which utilizes digital well as a means to connect better with consumers and enhance underlying disciplines. The market narrative on BBY is now more upbeat. That said, we believe investors are still not fully embracing improved sales and EPS power of Best Buy, particularly as new drivers for the company are beginning to emerge."
Shares of Best Buy closed at $70.56 yesterday.
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