Why Best Buy (BBY) Stock Continues To Surge This Afternoon

NEW YORK (TheStreet) -- Shares of Best Buy Co., Inc (BBY) are surging, up 4.30% to $30.31, after it was reported earlier that the technology products retailer is evaluating its foreign portfolio and considering its options, including a sale or partnership for its Chinese business.

Best Buy was said to be working with Bank of America Merrill Lynch (BAC). 

Must Read: Warren Buffett's 25 Favorite Growth Stocks

The Chinese business reportedly could be sold for about $300 million, the Wall Street Journal said.

Also, the company had its "neutral" rating restated by Zacks today. The firm has a $31.00 price target on the stock, suggesting a potential upside of 6.68% from the company's current price.

BBY Chart

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