Goldman Upgrades Best Buy Stock
Best Buy stock has jumped 2.8% to $41.60 in pre-market trading after Goldman Sachs upgraded the stock.
NEW YORK (
) --
Best Buy
(BBY) - Get Report
stock has jumped 2.8% to $41.60 in pre-market trading after
Goldman Sachs
(GS) - Get Report
upgraded the stock.
Goldman Sachs upgraded the stock to buy from neutral, alluding to optionality on product cycle recovery, macro recovery and capital allocation, while pointing out that the stock is trading at one of the lowest multiples among its competitors.
Goldman Sachs' price target for Best Buy is $47.
-- Reported by Andrea Tse in New York
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