Piper Jaffray Reiterates Overweight Rating On BBY

Piper Jaffray, after attending Best Buy

's 2011 Analyst Day, is reiterating its Overweight rating on the company. A price target of $39 is maintained, also. In the report, Piper Jaffray writes, “Management was focused on three main initiatives including connected solutions growth, international growth and existing store base productivity improvements. We believe BBY's valuation is compelling at less than 4x EV/NTM EBITDA and are buyers at these levels.” BBY closed yesterday at $29.46.