Best Buy (BBY) Stock Higher Today After Analyst Action

NEW YORK (TheStreet) -- Shares of Best Buy Co. Inc. (BBY) are up 0.98% to $35.17 after the company's price target and annual EPS estimates were raised at Jefferies earlier on Wednesday.

The firm set a price target of $41 for the American multinational consumer electronics corporation, up from its previous mark of $38.

Jefferies reiterated its "buy" rating and increased annual EPS earnings estimates to $2.55 from $2.51 for fiscal 2015, and to $2.97 from $2.94 for fiscal 2016.

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"With a lot of cost cutting behind us this story is becoming more heavily dependent on product cycles, improved execution online and better clearance of open box and returned goods," said analysts at Jefferies.

 

BBY Chart BBY data by YCharts

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