UPDATE: Citigroup Upgrades Best Buy on Multiple Positive Factors

In a report published Wednesday, Citigroup analyst Kate McShane upgraded the rating on

from Neutral to Buy, and raised the price target from $44.00 to $48.00. In the report, Citigroup noted, “We are upgrading BBY to Buy on 1) lapping easy SSS and margin comparisons, 2) sales growth from ecomm channel based on new initiatives, 3) a growing cash balance that should lead to buybacks down the road, 4) comp lift from shop-in-shops, 5) innovative products on the horizon, 6) further share gains in appliances, and 7) further savings initiatives.” Best Buy closed on Tuesday at $38.78.