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AG Edwards Upgrades Best Buy

AG Edwards upgrades electronics retailer Best Buy (BBY) to buy from hold.

Analyst Brian Postol says he upgrades on the belief pieces are in place for on-going acceleration. Over the next four quarters, he says Best Buy will be up against much easier comparables with average same-store sales of 3.7%, vs. previous four quarters of 8.5%.

He says the company's transformation to customer-centric model is providing the foundation to further differentiate away from peers. He notes converted customer centricity stores have posted, on average, high single to low-double digit increase in comparable sales over aggregate store base.

Postol ups his $3.08 fiscal 2006 (ending February) earnings per share estimate to $3.33 and $3.64 fiscal 2007 to $3.90. He has a $78 target.

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