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Best Buy Poised to Better Expectations

(Best Buy article updated with stock price.)

NEW YORK ( TheStreet) -- Best Buy (BBY - Get Report) is poised to beat Wall Street's consensus when it reports its third-quarter earnings on Tuesday, according to an analyst.

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 - Get Report) and Target (TGT - Get Report), 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 - Get Report) iPhone.

-- Reported by Jeanine Poggi in New York.


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AAPL $93.74 -1.15%
BBY $32.08 -1.75%
RSH $0.31 12.76%
TGT $79.50 -2.25%
WMT $66.87 -2.96%


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