UPDATE: Oppenheimer Reiterates Perform Rating, Raises PT on Best Buy on Good Q4 Figures

In a report published Friday, Oppenheimer reiterated its Perform rating on Best Buy Co. BBY, and raised its price target from $13.00 to $18.00. Oppenheimer noted, “We are somewhat encouraged by the modestly above plan Q4 (Jan. 2013) figures that Best Buy reported today. Sales in Jan. improved, and for once, upside did not result is substantial margin degradation at the chain. One report (and particularly one month) does not make a trend. BBY has a long way to go to right its ship and restore its prowess in the physical and Internet realms. The distraction of a potential takeout is now behind BBY. We eagerly await the tactical and strategic shifts Hubert and Sharon have in mind for BBY. Our Perform rating reflects ongoing longer-term concerns for BBY.” Best Buy Co. closed on Thursday at $16.41.