UPDATE: Stifel Nicolaus Upgrades Best Buy to Buy on Drivers to Transition Year
Stifel Nicolaus upgraded Best Buy (NYSE: BBY) from Hold to Buy and announced a $23.00 price target.
Stifel Nicolaus said, "This is first and foremost a management upgrade call. We are highly confident in new management and their three buckets of internal improvements (online, in-store operations, and cost structure). … Improved scheduling, returns, close rates, finance, marketing – along with a willingness to intelligently close operations both domestically and internationally – makes BBY a credible turnaround story led by a well-respected management team, in our view."
Best Buy closed at $16.87 on Friday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Tags: Stifel Nicolaus