Updated from 1:39 p.m. ET

Best Buy ( BBY) led shares of electronics retailers higher on Tuesday after a couple of analysts issued favorable notes on the shares in light of the demise of Circuit City.

Best Buy shares were up 13.5%, or $3.34, to $28.07.

Jack Murphy of William Blair & Co. said that efforts to reduce operating expenses and capital spending should offset weaker consumer demand. Murphy raised his rating outperform from market perform.

Bradley B. Thomas of KeyBanc Capital Markets said the company "remains a core retail holding and one of the best positioned retailers to outperform in 2009 as sales benefit from market share gains from Circuit City." He rates Best Buy a buy.

RadioShack ( RSH) rose 13% or 85 cents to $7.33.

GameStop ( GME) shares were up 10.1%, or $2.31, to $25.01. The Grapevine, Texas-based game retailer will report earnings on March 26.

Conn's ( CONN), a Beaumont, Texas- based retailer of everything from washing machines to DVD players, was up 9.3%, or $1, to $11.76.

Rex Stores ( RSC), a small-cap, Dayton, Ohio-based retail outlet with stores in 34 states, saw its shares rise 13.6%, or 94 cents to $7.85. Rex announced a 500,000-share buyback in February.
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