Deutsche Bank Upgraded Best Buy (BBY) to Buy

January 22, 2009 by Douglas A. McIntyre

Deutsche Bank upgraded Best Buy (NYSE: BBY) today from Hold to Buy and boosted its price target from $28 to $40, saying the company should be one of the biggest beneficiaries of Circuit City’s liquidation announcement.

Deutsche Bank lifted 2009 and 2010 EPS estimates to $2.38 and $2.72 from $2.32 and $2.58, respectively. They also introduces 2011 EPS estimate of $3.02.

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