Best Buy Shares Shrug Off Broader Market Weakness As BofA Reiterates Buy Ahead Of Q1

Shares of Best Buy

are trading up nearly 4 percent Friday afternoon as BofA Merrill's earlier made some bullish comments on the name. The stock last traded at $27.70. An analyst at BofA reiterated a Buy rating and $38 price target on shares of Best Buy. The analyst noted outsized short interest amid numerous catalysts moving forward. Best Buy is expected to report first-quarter 2015 results at the back end of May. The BofA analyst is cautious on the recent quarter, but is more optimistic on the second quarter given trends in mobile, gaming and appliances. The move in Best Buy shares Friday move the price to a level not seen since the company's last quarterly report on Feb. 27th.