Deutsche Bank Reiterates Buy on Best Buy

Deutsche Bank is out with its report today on Best Buy BBY, reiterating Buy. In a note to clients, Deutsche Bank writes, "CEA recently updated its growth rates for several key product categories and we hosted meetings with its staff last week. There was a mix of better-than-expected and somewhat worse-than-expected ytd results, but we think there were some positive signs in higher-end television units. Though the average price decline on tvs is worse than expected ytd, consumers are responding positively with 3D, IPE, and plasma units all better than expected ytd. Tablet units are also above prior expectations. We reiterate our Buy, underpinned by the upside implied by our TP." Deutsche Bank maintains a $37 PT on BBY. Shares of BBY closed Tuesday at $32.24, up 0.75% from Friday's close.