Analysts Play Catch Up Following Best Buy's Q2 Results: Most Raise Targets, Wedbush Remains Bearish

Shares of Best Buy BBY are letting some steam out Wednesday following a 13 percent rally on Tuesday amid better-than-expected second-quarter results. The stock is currently trading around $34, down more than 2 percent for the session. Let's take a look at what analysts are saying following the quarterly report.

• Goldman Sachs - Maintains Buy, raised target from $34 to $37. The firm said the results "revealed a more stable core business than the Street expected... Inventory looked clean, and the company's cash flow profile improved, as it quantified a $200 million-plus legal favorable settlement (related to LCD pricing) it would book into cash over the next two years." Goldman raised FY13-FY15 estimates.
• Wedbush - Maintains Underperform, $9 price target. The firm's Michael Pachter said "Lower costs drove profits marginally higher, but comps and margins continue to decline. Until Best Buy can reverse its negative comp and margin trends, we cannot recommend the stock." Pachter also highlighted continuing weakness in sales and visibility which "remains poor."
• Jefferies - Maintains a Buy rating and raise the price target from $35 to $40.
• Deutsche Bank - Maintains Buy, target raised from $31 to $40.
• Stifel Nicolaus - Maintains Buy, target raised from $30 to $40.
• Piper Jaffray - Maintains Overweight, target raised from $32 to $44.
• Bernstein - Maintains Market Perform, target raised from $23 to $30.