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Best Buy’s Target and Estimates Raised at UBS (BBY)

By Dividend.com,  November 08, 2011, 08:54:42 AM EDT

Electronics retailer Best Buy Co., Inc. ( BBY ) on Tuesday saw its price target and earnings estimates lifted by analysts at UBS.

The firm maintained its "Neutral" rating on BBY buy boosted its price target to $28, suggesting a nearly 6% upside to the stock's Monday closing price of $26.46.

UBS also increased its earnings estimates for the company, citing expected earnings from BBY's mobile phone joint venture with Carphone Warehouse in the U.K.

Best Buy shares were unchanged in premarket trading Tuesday.

The Bottom Line
Shares of Best Buy ( BBY ) have a 2.42% dividend yield, based on last night's closing stock price of $26.46. The stock has technical support in the $22-$24 price area. If the shares can firm up, we see overhead resistance around the $30 price levels.

Best Buy Co., Inc. ( BBY ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.0 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Stocks

Referenced Stocks: BBY



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