UPDATE: Oppenheimer Upgrades Best Buy Co. to Outperform, Raises PT as Turnaround Has Legs

In a report published Thursday, Oppenheimer analyst Brian Nagel upgraded the rating on

from Perform to Outperform, and raised the price target from $36.00 to $50.00. In the report, Oppenheimer noted, “We are lifting our rating on Best Buy to Outperform. Our new $50 price target suggests upside of 20%+ from current levels. A turnaround has been under way at BBY for several quarters. Under new management BBY is more focused on cost controls while working to improve the chain's competitive standing in CE Retail. Shares have reacted very favorably to improving trends at BBY. We believe the BBY recovery still has substantial legs. Data suggest that top-line trends are now improving. Renewed share buybacks should soon enhance an already strengthening EPS growth profile. Shares appear to remain meaningfully under-owned by traditional retail stock-oriented investors.” Best Buy Co. closed on Wednesday at $41.60.