NEW YORK (AP) -- A Janney Capital Markets analyst said Wednesday that electronics retailer Best Buy should gain a bigger share of the market during the holiday season.
THE OPINION: Analyst David Strasser said the company's second-quarter TV sales improved because Best Buy is now selling Vizio products, which are high quality but less expensive than some other brands. Best Buy started selling Vizio after last year's holiday season.
He said the shift toward bigger screens and newer technologies is good for Best Buy.
Strasser rates the company's shares "Buy" with a price target of $52.
Best Buy Co. is trying to counteract tough competition from discounters and online retailers by shuttering underperforming stores and revamping others. Since Hubert Joly became CEO in August 2012, the Minneapolis company has instituted a price-matching policy and spent more money on training employees.
THE STOCK: Shares of Best Buy have more than tripled in value in 2013. On Wednesday the stock peaked at $38, its greatest price since December 2010, before closing down 2 cents at $37.90.
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