Bank of America Upgrades Best Buy from Underperform to Neutral

Bank of America upgrades Best Buy Co., Inc.

from Underperform to Neutral and raises the price target from $11.50 to $38.00. The firm said Best Buy is reducing costs at a faster-than-expected pace and also managing spending more efficiently. Shares of Best Buy are trading up 0.3 percent to $37.11 at last check.