Shares of Best Buy Co Inc BBY surged in Tuesday’s pre-market amid a Goldman Sachs upgrade to Buy. The firm also raised its price target from $38 to $45.
Analyst Matthew Fassler noted Best Buy’s “positioning as the sole surviving national specialty retailer in a category with increased product excitement.”
Fassler also observed the company’s “better online sales growth” and “the reality that its pricing is increasingly at parity with Amazon, especially in TVs.”
In addition to Goldman Sachs, Jefferies recently reiterated its Buy rating on the stock.
Best Buy traded at $40.21 in Tuesday’s premarket, up 2.87 percent.
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