Best Buy advances after BB&T ups rating to Buy

theflyonthewall.com

Best Buy (BBY) is climbing after BB&T analyst Anthony Chukumba upgraded the stock to Buy from Hold in a note to investors earlier today. Several positive near-term catalysts bode well for the company's outlook, the analyst wrote. Amazon's (AMZN) threat to Best Buy is declining, as more states implement online sales taxes and more consumer electronic companies are enforcing standardized pricing online, the analyst wrote. Also helping Best Buy is a new management team with a successful turnaround record, added Chukumba, who has a $21 price target on Best Buy shares. In mid-morning trading, Best Buy rose 25c, or 1.58%, to $16.03.

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