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JP Morgan Upgrades Best Buy

JP Morgan upgrades Best Buy (BBY) to overweight from underweight.

Analyst Stephen Chick says he may be a bit early, as his ideal price point would be slightly lower, but he does not have the nimbleness to establish partial positions.

He notes Best Buy is attempting to transform itself, focusing on smaller store formats, which should help mitigate mix of secularly difficult categories. He says although it will take time, there is longer-term traffic potential from a digital TV upgrade cycle, related accessories and services.

Chick notes the company generates cash, which seems to provide valuation support amidst near-term risks.

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