UPDATE: Citigroup Reiterates on Best Buy Following CES Unveiled

In a report published Thursday, Citigroup analyst Kate McShane reiterated a Neutral rating on

, and raised the price target from $38.00 to $44.00. In the report, Citigroup noted, “We were one of the few banks to attend CES Unveiled on 11/12. CES is expecting 4.5% sales growth in ‘14 (seq > est. ‘13 at +0.2%) driven by strength in smartphones, tablets and accessories. The CEA and TV vendors believe that Ultra HD will be a major story in CE for years to come based on customers' realization of a significant increase in the quality of the picture. They expect 57k units to sell in ‘13, 450k units in ‘14, 1.2M in ‘15, 2.1M in ‘16 and ~4M units in ‘17.” Best Buy closed on Wednesday at $43.99.