UPDATE: Deutsche Bank Upgrades Best Buy to Buy on Good 1Q13 Earnings Results

In a report published Tuesday, Deutsche Bank analyst Mike Baker upgraded the rating on Best Buy Co.

from Hold to Buy, and raised the price target from $17.00 to $28.00. In the report, Baker noted, “We see a number of positive catalysts to come in 2013, including better than expected earnings results in 1Q13. Other positives include continued cost cutting, which should drive long-term earnings power increases, potentially peaking competitive pressures, and a strong balance sheet that will at some point enable a resumption of buyback activity. While the stock is up nearly 2x from the bottom, it's up only 5% in the past 12 months vs 13% and 15% for the S&P 500 and S&P Retail Index. It has come off 11% from the recent peak, enabling a good entry point.” Best Buy Co. closed on Monday at $24.20.