Best Buy Co., Inc. (BBY) Maintains Buy Rating And $48 Price Target

Analyst Bradley B. Thomas at KeyBanc Capital Markets has released an update on Best Buy Co., Inc. (NYSE: BBY). The specialty retailer reported its fourth-quarter results on March 25.

Best Buy Co. reported EPS of $1.82 in its fourth-quarter, which was above KeyBanc’s estimate of $1.81 and the consensus of $1.79. The company benefited from the strength in sales of notebook computers, flat panel televisions, and mobile phones in the fourth-quarter. Best Buy Co. also issued guidance for 2010, which was above consensus estimates. The company expects 2010 EPS of $3.45-$3.60. It expects sales to grow by 5%-7%.

KeyBanc Capital Markets has maintained its Buy rating and 12-month price target of $48 for Best Buy Co., Inc.