Retail stocks rise as Best Buy upgraded by Goldman

Retail stocks rose on Friday, led by Best Buy Co., after the electronics retailer was upgraded to buy from neutral by Goldman Sachs.

Best Buy shares rose 2.3% to $41.39, leading the sector gainers.

Goldman's analyst Matthew Fassler said that the emergence of new 3-D TV technology and Internet connectivity with TVs will likely drive interest and demand for consultative selling as salespeople explain the new innovations to shoppers. He also forecast Best Buy may plan $700 million in buybacks for this year, and $800 million in buybacks for 2011. He estimated the company will end the year with $2.4 billion in cash.

"Structural concerns related to product cycle and online competition are abating, at least for now, and the firm can quell concerns about capital allocation," he said.

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- Posted: 2010-03-19 09:59:33

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