UPDATE: UBS Investment Research Upgrades Best Buy as Risk/Reward is Skewed to Upside

In a report published Monday, UBS Investment Research analyst Michael Lasser upgraded the rating on

from Neutral to Buy, and raised the price target from $35.00 to $49.00. In the report, UBS Investment Research noted, “The move in BBY's share price this year has been all about multiple re-rating with the forward PE moving from 5x to 16x in 12 months. The next phase of appreciation for the stock will be driven by estimates marching higher with the current C'14 consensus likely to move from its current level of ~$2.75 to north of $3+ and the C'15 will probably go from $3.09 to $3.50+. Thus, the multiple can contract 10% over the next 12 months and BBY's shares can still return 20%. We think this skews the risk / reward to the upside and recommend buying.” Best Buy closed on Friday at $42.41.