This story has been updated from 11:39 am EDT with closing stock prices.
Credit Suisse analyst Gary Balter resumed coverage of the electronics retailer, rating the stock "outperform" while raising his 12-month price target by $8 to $40.
"Best Buy shares offer the most upside amongst so-called hardline retailers (companies that sell things like appliances, electronics and furniture), due to the steps CEO Hubert Joly and executive management are taking to turnaround the company, including its cost-savings initiative as well as revamping its online channel (which includes creating a better "omnichannel" experience) and, most importantly, creating stores within its store with partnerships with Microsoft (MSFT) and Samsung, Balter wrote Monday in a research note.Best Buy reached the highest level since July 2011, and has gained more than 150% this year. That compares with the 13% year-to-date increase for the S&P 500. More than 11.7 million shares traded hands on Monday, above the stock's three-month daily trading average of 8.3 million shares. "We believe
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