NEW YORK ( TheStreet) -- Best Buy ( BBY) will sell Apple's ( AAPL) iPad in most of its stores when the device launches on Saturday. Apple confirmed in a release on Monday that the electronics retailer will be its sole iPad launch partner. However, Best Buy will only receive 15 devices at 675 of its stores and only 11 will be available to purchase, according to reports -- and iPads can't be ordered through bestbuy.com.
Best Buy's price target was also upped on Monday by Piper Jaffray to $53 from $51, following its fourth-quarter earnings release last week. "While economic recovery is starting to be assumed for other retailers, we believe skepticism remains on Best Buy's sales and gross margin rates," Piper Jaffray wrote in a note. UBS also raised its price target on the stock to $52 from $50, saying the stock is a second-half, fiscal 2011 story. Best Buy will benefit from ESPN's 3-D channel, as well as other long-term growth trends, UBS wrote in a note. >> Who Owns Best Buy?: George Soros On Friday, Best Buy reported a 37% jump in fourth-quarter profit to $779 million, or $1.86 a share, compared with $570 million, or $1.38 in the year-ago period. Analysts were calling for earnings of $1.79 a share.