Piper Jaffray Reiterating Overweight On Best Buy (BBY)

Piper Jaffray is reiterating its Overweight rating Best Buy Co., Inc. BBY on the buy back program the company announced. In a note to investors, Piper Jaffray writes, "We are encouraged by BBY's new "Buy Back Program" which was launched in a commercial during yesterday's Super Bowl. The purpose of the program is to "future-proof" technology purchases through BBY's promise to repurchase certain technology at set prices over a defined time period. We believe that this program will help further ensure repeat purchases and customer loyalty and allow BBY to capitalize on higher margin early adopter sales." Shares of BBY gained 22 cents on Friday to close at $35.24, a gain of 0.6%.