Best Buy, Other Retailers Upgraded

March 25, 2009 By Stephen Silver

multipage

A key analyst this week upgraded several retailers, including Best Buy, Target, and Costco, to "buy," based on the idea that economic recovery may be near.

According to the Associated Press, Daniel Binder of Jeffries and Co. is predicting that macroeconomic recovery may be near, which will lead to a rise in retail earnings. Best Buy, in particular, is expected to take a bigger share of Circuit City's market share than what was thought, Binder said.

Best Buy's stock rose steadily through the day on both Tuesday and Wednesday.