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