ISI Has Buy Rating On Best Buy (BBY)

In a note to clients, ISI has a Buy rating and a $33 price target on shares of Best Buy BBY. In the research report, ISI writes, "Wireless & Tablet expansion should account for 60% of CE market growth in 2011. While Best Buy is able to gain share in these categories, our survey and market dynamics suggest its share will prove to be lower in Wireless and Tablets than historic norms in Laptops or general CE. Our survey found 30% smartphone penetration well on its way to 50%. Critically, 24% of smartphone users report having bought items via their phone more than once. Tablet users are close to double this amount, plus they are more inclined to buy from Apple Stores or online for their next tablet." Shares of BBY are down 38 cents to $32.50, a loss of 1.2%.