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Best Buy Added to Goldman Conviction List

February 11, 2009
by Eric Savitz
Blogger and Columnist, Barron's, Tech Trader Daily

Eric Savitz

Best Buy (BBY) shares are getting a boost this morning from a bullish note by Goldman Sachs analyst Matthew Fassler, who added the stock to his firm’s Conviction List. Fassler had upgraded the stock to a Buy rating in early January. He has a price target on the stock of $33.

Fassler expects the company to benefit from the demise of rival Circuit City. He now sees EPS for the February 2009 fiscal year of $2.40, up from $2.27. For 2010, he goes to $2.54, from $2.47. Fassler thinks the company will capture a significant portion of the “freed-up” Circuit City sales.

Slightly tempering Fassler’s enthusiasm for the shares is a view that once the market adjusts to the disappearance of Circuit City, the company will have to take on Wal-Mart (WMT) and Amazon.com (AMZN).

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