Stock Market Study Comprehesive US stock analysis and high probability investing

April 30, 2013

Best Buy (BBY) Surges Higher on UK Sale and Wall Street Upgrade Stock Charts

Filed under: M&A News — Tags: , — admin @ 9:48 am

Shares of Best Buy Co., Inc. (NYSE: BBY) are reacting positively to news the company is exiting Europe and a Wall Street upgrade.Best Buy announced Tuesday the sale of its 50% stake in Best Buy Europe to joint venture partner Carphone Warehouse Group plc for EUR 500 million, or approximately $775 million.In addition, Deutsche Bank upgraded shares of Best Buy from Hold to Buy and raised their price target from $17 to $28. Analyst Mike Baker sees a number of positive catalysts to come in 2013, including better than expected earnings results in 1Q13.Shares of Best Buy last traded at $26.13, up 8 percent.

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