Best Buy 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.
J.P. Morgan’s Imran Khan theorized in a research note this afternoon that Amazon.com could eventually be a beneficiary of the demise of Circuit City, which earlier today said it would close all of its remaining stores and liquidate. Khan thinks Amazon could inherit as much as half of Circuit City’s online business.
Carol Levinson, an analyst with Gimme Credit, has downgraded her credit rating on electronics retailer Best Buy–noting that the retail giant should be profiting more from the misfortunes of its fallen rival Circuit City. Inevitably, though, the company has joined the long, sad line of retailers suffering from the economic downturn.
In March 2007, Circuit City came up with a plan to confront softening sales and competition from online and offline retailers: Fire the most talented, experienced employees.
Across the board, estimates for Research In Motion are coming down, with analysts citing factors such as a late launch for both the Bold and the Storm, increased competition from the iPhone, and weak consumer demand projected for calendar Q4. Overall, states UBS analyst Maynard Um, “We do not expect RIMM to be immune from the weakening economy.”
Blockbuster (BBI) after the close Tuesday announced the termination of its bid for Circuit City (CC). In a statement, Blockbuster CEO Jim Keyes said that “based on market conditions and the completion of our initial due diligence process, we have determined that it is not in the best interest of Blockbuster’s shareholders to proceed with an acquisition of Circuit City.”
So, uh, I guess this is good news. Circuit City (CC) this morning reported results for its fiscal first quarter–which ended May 31– that were by most objective measures pretty bad, but nonetheless not quite as bad as the company had forecast.
Blockbuster (BBI) shares are getting a lift today from Citigroup’s Tony Wible, who raised his price target on the stock to $8.50 from $8 and added the stock to the firm’s “Top Picks Live” list.
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