Best Buy Stock Rating Upgraded by RBC Capital (BBY)

Posted by on Mar 20th, 2013

Best Buy (NYSE: BBY) was upgraded by equities researchers at RBC Capital from an “sector perform” rating to an “outperform” rating in a report issued on Friday, TheFlyOnTheWall.com reports.

Best Buy (NYSE: BBY) traded up 3.69% on Friday, hitting $23.07. Best Buy has a 52-week low of $11.20 and a 52-week high of $27.95. The stock’s 50-day moving average is currently $17.63. The company’s market cap is $7.800 billion.

Best Buy (NYSE: BBY) last posted its quarterly earnings results on Friday, March 1st. The company reported $1.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.53 by $0.11. The company had revenue of $16.70 billion for the quarter, compared to the consensus estimate of $16.32 billion. The company’s quarterly revenue was up .2% on a year-over-year basis. On average, analysts predict that Best Buy will post $2.16 earnings per share for the current fiscal year.

A number of other firms have also recently commented on BBY. Analysts at TheStreet reiterated a “sell” rating on shares of Best Buy in a research note to investors on Tuesday, March 12th. Separately, analysts at Goldman Sachs initiated coverage on shares of Best Buy in a research note to investors on Tuesday, March 12th. They set a “buy” rating and a $25.00 price target on the stock. Finally, analysts at UBS AG upgraded shares of Best Buy from a “hold” rating to a “buy” rating in a research note to investors on Wednesday, March 6th. They now have a $24.00 price target on the stock, up previously from $13.00.

Three research analysts have rated the stock with a sell rating, five have given a hold rating and seventeen have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $20.80.

The company also recently declared a quarterly dividend, which is scheduled for Thursday, April 11th. Stockholders of record on Thursday, March 21st will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 2.95%. The ex-dividend date of this dividend is Tuesday, March 19th.

Best Buy Co, Inc. is a multinational retailer of consumer electronics, computing and mobile phone products, entertainment products, appliances and related services.