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Market Movers

Electronics chain up on analyst thumbs-up

The retailer has cut jobs, pared management, and sold assets to right itself.
STEPHEN LAM /Reuters/File 2012
The retailer has cut jobs, pared management, and sold assets to right itself.

Best Buy Co. reached a two-year high after Credit Suisse agreed with the electronics chain’s turnaround efforts. The investment firm resumed coverage of Best Buy with an “outperform” rating and raised its price target to $40. Under CEO Hubert Joly, Best Buy has been matching rivals’ online prices, revamping and dedicating more in-store space to faster-growing product categories, and investing in employee training. “Best Buy is turning its store base from a cost liability to an offensive weapon,” analyst Gary Balter wrote.

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