UPDATE: Jefferies Reiterates Buy Rating, Raises PT on Best Buy Co. Following Good Q2 EPS Beat

In a report published Wednesday, Jefferies analyst Daniel Binder reiterated a Buy rating on Best Buy Co. BBY, and raised the price target from $35.00 to $40.00. In the report, Jefferies noted, “BBY handily beat EPS expectations in Q2, reflecting slightly better sales, much better gross margin and continued SG&A savings. Shares have risen sharply, but estimates are still on the rise and management's turnaround plan is gaining more credibility as each quarter passes. As a result we are sticking with our Buy rating, recognizing the Q4 period is really the defining quarter for this company.” Best Buy Co. closed on Tuesday at $30.73.