(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.
>>See our new stock quote page. Follow TheStreet.com on Twitter and become a fan on Facebook.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV