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Ahead of today's Q3 results from mega-retailer Best Buy (BBY), the consumer electronics giant saw its share price get a lift last evening after Citigroup's Kate McShane raised her quarterly EPS figure from $0.38 to $0.45 on the back of a better-than-expected holiday shopping season for the retailer.
McShane noted strength in laptops, video games, televisions and digital cameras -- as well as Geek Squad services to boot. She went on to raise her target for BBY shares from $40 to $45 also. To top it off, McShane raised her same-store sales figure for the Q3 period to a 4% growth figure. From a horrid 2008 season, that growth won't be hard to hit, most likely. Best Buy has been handily competing with Walmart (WMT) and even online retailers this season, as the consumer sector recovers from a recession and job losses, finally, slow down.
McShane noted continued business popping into Best Buy's coffers from the Circuit City meltdown earlier this year. She did maintain her hold rating on the shares amid the other fanfare, citing the still-struggling economy and heightened competition from regional retailers.
The good news for Best Buy's holiday shopping season is that, as usual, consumers are flocking to gadgets for all those gift-giving needs. From smartphones to more flat-panel televisions to cheaper laptops, Best Buy is positioned perfectly to capitalize on all it can through the end of this month. So far, for the just-completed quarter, Best Buy is looking quite good in terms of sales growth (Wall Street Journal subscription required).
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