Oppenheimer Has $53 Price Target On Best Buy

Oppenheimer & Co. has a $53 price target and an Overweight rating on shares of Best Buy Co., Inc. BBY. In a note sent to investors Oppenheimer writes, "BBY will report Q3 (Nov.) results on Tues., Dec. 14th. We look toward this announcement as a potential positive catalyst for BBY shares. BBY has underperformed lately as the market has once again fretted over the potential for softer sales and margin trends at the chain. We view these concerns as overblown. Data suggest that sales in the CE category have picked up lately as new gadget offerings have resonated with consumers and TV prices have again begun to decline. Stronger mobile sales represent a significant margin driver for BBY. The company continues to control costs well and use excess cash to repurchase shares. BBY teaches us time and again to buy when shares fall out of favor with investors." Shares of BBY are up 80 cents in pre-market to $42.60.