(Best Buy article updated with stock price.)
Citigroup analyst Kate McShane raised her forecast on Best Buy to 45 cents a share from 38 cents a share and upped her target price on the stock to $45 from $40 a share.
McShane projects total same-store sales to grow 2.5%, with U.S. sales advancing 4%.Best Buy is seeing strength in laptop and video-game sales, as well as its Geek Squad, TVs and digital cameras, McShane wrote in a note. While Best Buy continues to compete with discounters like Wal-Mart (WMT) and Target (TGT), it is picking up market share from the liquidation of Circuit City. Analysts on average expect the company to earn 43 cents a share on revenue of $11.98 billion. Shares of the electronics retailer are growing 1.4% to $44.97 in afternoon trading, nearing its 52-week high of $45. Earlier today, rival RadioShack (RSH) was upgraded to overweight by Barclays, citing new initiatives like the roll out of the Apple (AAPL) iPhone. -- Reported by Jeanine Poggi in New York.
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