UPDATE: Goldman Sachs Reinstates Best Buy at Buy Rating on Management Restructuring

In a report published on Wednesday, Goldman Sachs Analyst Matthew J. Fassler reinstated Best Buy Company, Inc.

at a Buy rating and set a $34 12-month price target. In the report, Goldman Sachs noted, "...a number of elements of the story have improved further, namely more aggressive pricing; a new instore alliance with MSFT; visibility to improvement in the online effort; and,the sale of the firm's European business. We raise our estimates, and stand well above consensus for 2013/2014. Valuation remains near the low-end of our coverage group, suggesting opportunity for outperformance from here. Best Buy closed on Tuesday at $28.68.