Best Buy Gets a Thumbs Up From Goldman Sachs
(Daily Finance) Given that Best Buy’s livelihood (BBY) depends on consumers spending on nonessential goods, one might suspect the company would be in a bit of a predicament right now. That’s not the case, says Goldman Sachs (GS).
The investment bank lifted its rating on Best Buy shares to buy from neutral on Friday, making the case that the retailer could benefit from an economic recovery as well as an improved product cycle. And it doesn’t hurt that the stock is trading at a reasonable multiple compared to its competitors, according to Goldman’s report.
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