UPDATE: Credit Suisse Reinstates Best Buy with Outperform, $32 PT

Credit Suisse reinstates its coverage on Best Buy

with an Outperform rating and a $32 target price, as it believes shares represent opportunity with lower multiple. Credit Suisse comments, "Best Buy stock has been banished into the "display hall for Amazon" multiple range, with the multiple lower today than at any time since BBY's swoon with death back in the mid 1990's. That creates a stock opportunity but also points to the challenge for this chain, how do they convince the consumer, and in turn Wall Street, that there is a long term sustainable model. ...Where we need to see action this year is on a more rapid move to right size the store, more exclusives to avoid the AMZN issue, a much stronger internet offering, and finding the proper balance between service at the store and profits." BBY closed at $25.02 a share on Thursday.