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.

Wible writes that the company’s Q1 results reported yesterday provide evidence that the company’s turnaround is bearing fruit. He writes that that company has produced improvement in inventory management, raised prices for its Total Access service and cut costs. He also repeated his view that the company’s proposed acquisition of Circuit City (CC) would “provide cost synergies and help BBI become an open provider of technology and content.”

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