UPDATE: Bank of America Increases its PT on Best Buy to $16.50

According to a research report this morning, Bank of America increases its PT on Best Buy

from $16 to $16.50 based on 2012E EPS. Bank of America stated, “Including share repurchases and excluding restructuring costs, management maintained FY13 guidance of $3.50 - 3.80. Comp guidance remains (2)%-(4)%, with online, mobile and ereaders expected to drive growth and the launch of Windows8 and Apple's new operating system in 2H12 helping to reinvigorate laptop sales.” Best Buy closed yesterday at $18.46 as Bank of America reiterates its Underperform rating.