UPDATE: JP Morgan Reiterates Neutral, Ups Target to $31 on Best Buy

JP Morgan maintains its Neutral rating on Best Buy Co, Inc. BBY as estimates are raised on comp and CPW. JPM comments, “We believe BBY ended 3Q on a high note in terms of domestic comps. …Additionally, we believe the iPhone launch in mid-October turned the wireless business back to positive trends and the company was clearly much more promotional during the critical Black Friday weekend. As such, we now forecast domestic comps up 1.5%, a 420bp sequential improvement against comparisons that are ~350bp easier.” BBY closed at $28.12 per share on Wednesday.