Will This Price Target Increase Help Best Buy (BBY) Stock Today? - TheStreet

Story updated at 10 a.m. to reflect market activity.

NEW YORK (TheStreet) -- Citi raised its price target for Best Buy (BBY) - Get Report to $43 from $36 on Friday, maintaining its "buy" rating.

Shares of Best Buy were gaining 0.5% to $38.21 in morning trading.

Analyst Kate McShane said the increase is due the electronic retailer's strong third quarter results that setup the stock for potential inflection.

"After today's stunning press release with Best Buy reporting a LSD comp (when the industry expectation was for -LSD), the stakes are now higher as the critical fourth quarter, which typically is the bulk of the year's EBIT, is underway," McShane wrote. "While the bar is higher, we think there is no reason why Best Buy can't comp similarly in Q4 as they did in Q3 given key products like continued interest in upgrading to the iPhone 6 and the trend in preference for larger TV screen sizes and 4K technology that HGG mentioned on its most recent conference call."

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

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STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.