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Tuesday, November 03, 2009
Best Buy, Other Retailers Started At "Buy" At UBS
By Kathryn Glass
FOXBusiness
Electronics retailer Best Buy Co. (BBY) received a "buy" rating from UBS (UBS) Tuesday, joining the ranks of consumer stocks like Bed, Bath & Beyond (BBBY), Lowe’s (LOW), and Home Depot (HD), for which the investment firm has also recommended as a "buy."
Analyst William Truelove cited Best Buy’s partnership with Sonic Solutions to offer content on demand, along with the warrants acquired to purchase Sonic Solutions stock, as well as the reinstatement of a share repurchasing program as potential drivers for earnings growth.
On Monday, the Swiss bank gave auto supply retailers, AutoZone (AZO) and Advance Auto Parts (AAP) a "buy" rating. Consumer stocks O’Reilly Automotive, (ORLY), Staples (SPLS) and CarMax (KMX) were all given "neutral" ratings by the firm.
Shares of Best Buy rose 43 cents, or 1.1% on Tuesday to close at $39.32 a share. Bed Bath & Beyond fell 0.6% to $36.31, Lowe's eased 0.7% to $19.45, and Home Depot eased 0.2% to $25.
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